AMEX:UNG   UNITED STATES NATURAL GAS FUND
24 1 1
UNG             has broken out over the 6.65 signal level. I'm out of shorts. Will watch for higher confidence entry on a new position. The prior bullish alternative path may be playing out, although the pattern is not yet mature enough to trade with high probability imo. Should price reach the 6.95 region (as indicated in wave i), then a long entry from this price region on a retrace could be traded long with stops in the 6.49/.29 range.

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I should note the positive divergence in MACD as well as signs in Stoch RSI of a 3rd wave to pink 1. Another possibility, not annotated on the chart, would be the beginning of an Ending Diagonal to new lows. IF this rally fizzles below 6.87 without forming a 5-wave rally, THEN an alternate bearish green wave ii could be considered.
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