Hello, from my point of view gas and oil already bottomed. Four months ago i published and idea on NGAS long:
That idea is still valid, price didnt break last D1 lows and now is consolidating forming a series of 1-2 s Last ugly consolidation is wave 2, i saw this structure on other charts.
We have also: - AB=CD pattern tell us that correction for wave 2 has finished - 0.786 fib retracement (deep retracement for wave 2) - price is bouncing from corrective channel - nice diamond on H4 chart, this pattern usually means trend change - Oil has already rebounded (corrected), we should expect the same for gas (correlation information is useful!!) but not to the pip off course.
Most important the R/R ratio is good. The invalidation level (stop loss) is near 2.55
Best regards
*********************** Diamond pattern visible on H4 chart
Comments
mkdeep04
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lighthouse u looking to test upperline of small wedge then down?
ElPatron.Y
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Not to spam you but this is what I see.
menorad
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Good catch
mkdeep04
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might test lower wedge line or even lower.. whats happen.. weather still warm ?