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nick.holland78
Mar 2, 2016 9:13 PM

UNG - Daily Short

United States Natural Gas Fund LPArca

Description

UNG has reached Fibonacci support for a 3rd wave, although the degree is unclear given the start of this decline. Near-term bounce may reach the high 6s, or perhaps as high as 7.67/8.75. Either way, a corrective 3-wave bounce into resistance sets up another decline, likely below 5.00 or even 4.00.
Positive divergence on MACD still holds, and may continue to hold through waves iv and v.
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