UNG posted new lows for the week. Positive divergence on MACD is still holding.
Bullish alternative:
Lower trend line of presumed ending diagonal was exceeded. Possible today's fall was an overshoot. Probability this will be a lasting low in natural gas can only be confirmed by an impulsive rally with 5 waves up, and 3 back down holding the coming low.
Bearish alternatives:
The cyan (blue) triangle remains valid, especially considering February's low is holding over the NG continuous contract low from December. Bounce should not exceed 9.27 in this count. A corrective rally over 9.27 would indicate the yellow alternative with another lower low to follow into the Spring.
Bullish alternative:
Lower trend line of presumed ending diagonal was exceeded. Possible today's fall was an overshoot. Probability this will be a lasting low in natural gas can only be confirmed by an impulsive rally with 5 waves up, and 3 back down holding the coming low.
Bearish alternatives:
The cyan (blue) triangle remains valid, especially considering February's low is holding over the NG continuous contract low from December. Bounce should not exceed 9.27 in this count. A corrective rally over 9.27 would indicate the yellow alternative with another lower low to follow into the Spring.
