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UNG             has reached Fibonacci support in this decline, however wave iii             could continue to extend as low as 5.61/5.22 before bouncing in a corrective fashion. IF the decline continues, resistance should be lower for wave iv and (iv) targets.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.

Related Ideas

Watching for reaction of this 1.618 extension today. Bounce into resistance is possible, but a breakdown below my trend lines, particularly below UNG 5.60, indicates further downside to be seen. I do NOT recommend new shorts here as reaction off pattern lows may be significant, when complete.
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