AMEX:UNG   UNITED STATES NATURAL GAS FUND
21 3 1
Approaching resistance where ST             longs could take at least partial profits, or hedge if inclined. Additional notes on 1hr chart.

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In UNG closes over 6.82, the bearish green wave (iv) is in serious trouble. Should blue wave (iii) complete, then support falls between 6.56/6.69 for blue wave (iv).
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UNG closed right at the .382 retrace as indicated. Unclear which path it will take immediately, but so far support has not broken in the rally off recent lows. Another interpretation of the bullish path is shown below. Suffice it to say, aggressive shorting is ill-advised until support begins to break...
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Support has broken down. Doesn't look good for continuation of the impulsive counts off the low. A bounce, however, may be seen before further decline, if in fact NG is headed to new lows.
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