Potential corrective paths to wave (iv) resistance shown. Positive divergence on MACD may continue to hold through wave (v) into the low 5s, also seen on longer timeframes. A 3-wave corrective bounce indicates wave (iv) even as high as the low UNG 7s. A bullish potential will be depicted only if a 5-wave pattern develops, at which point a corrective retrace support region will be identified for potential long entries.
Comments
nick.holland78
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Overnight low hit the bottom of this blue wave iv box. Pretty standard for retrace for a 4th wave, but the exact path to higher targets is murky watching futures action. Suggest taking at least partial profits on longs at next high, if you're holding any...