Wave (iii) likely completed. Bounce off 161.8% region suggests resistance for wave (iv) could be visited this week. Over UNG 7.20 in an impulsive fashion suggests wave circle v is complete already at the recent low. However, base case is that resistance will turn price down to the low 5.00 region, with possible washout near 4.00. Wave (iv) is technically valid until the wave (i) low in mid-7s is taken out, although an impulsive structure forming lower would be a bullish indication.
Long positions are aggressive. Better to be cautious; wait for 5 waves up followed by a 3 wave correction. A bullish pattern would only be confirmed on taking out the presumed 5-wave high, should one occur. New shorts should wait for wave (iv) resistance.
Long positions are aggressive. Better to be cautious; wait for 5 waves up followed by a 3 wave correction. A bullish pattern would only be confirmed on taking out the presumed 5-wave high, should one occur. New shorts should wait for wave (iv) resistance.
