AMEX:UNG   UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)
39 views
0
39 0
Bottom of my target box was tested today with 6.47 low. Should 6.47/.38 fail, then I'd expect 5.89 to be tested. Positive divergence still holding on MACD .

Original purple ED count was invalidated 2 days ago. I've revised it here in order to demonstrate that a rally should not necessarily be viewed as a long opportunity - not as a trading suggestion. Resistance at 7.24/.48.

Blue (cyan) triangle count adjusted primarily based on NG futures holding above December low. UNG decay has clearly broken below its 6.91 December low.

Initial indications of a potential bottom would come only with an impulsive 5-wave move higher - breaking above overhead resistance - followed by a 3-wave pullback holding above 50%-61.8% retrace support.

Related Ideas

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out