50 4 1
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.

Related Ideas

UNG is in the target region for wave (iv) resistance. Protect profits on longs, if any, and be cautious of potential reversal to new lows. Aggressive long positions should wait for a full 5-waves up, followed by support holding on a retrace. Confirmation of a significant bottom only comes with taking out a presumed coming 5-wave high. Just 3-waves up so far...
Possible UNG has already completed wave (iv). Alternative bullish impulsive and bearish corrective structures also depicted.

Caution is necessary on shorts until impulsive structure develops headed down (not depicted).

Caution on long positions is warranted until impulsive structure develops such as the blue (i)-(ii) depicted here.
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