UNG is very close to signaling a breakdown. I'm already short, but one could short a break of the lower trendline, this morning's low, or the 6.29 signal level. Stops above this morning's high, wave 2, or where ever you're comfortable. Short-term target is the 5.70/.90 region. Longer timeframe targets are in the blue box, and more refined numbers will be posted IF price breaks down.
Be advised, this presumed move down is nearing the end of a long-term correction. Price could respond strongly upward once the pattern completes. Longer-term traders would benefit from waiting for long entry at lower prices.
Comments
nick.holland78
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Triangle invalidated. Either a higher iv underway, or /ng is much more bullish than I presumed. I'm indifferent, having stopped out much lower, and will reassess this week.