AMEX:UNG   UNITED STATES NATURAL GAS FUND
39 0 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.

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