Strong reaction out of the support box (see prior idea) may indicate wave cir-ii is complete. Stop at last low. Initial target is resistance in wave (i). Hold a corrective pull-back for (ii) and this could fly in wave (iii) of cir-iii of 3. Green fibs are updated, matching the minute waves. White fibs are measured off of the presumed 1-2.
Long UNG at $7.65. TARGET 1: $$8.00 TARGET 2: $8.50
See a possible pull back to retest support then slow uptrend
What an epic fall on natural gas lately. The commodity tracking ETF $UNG has collapsed from $9.65 to its current $7.00 in the last month. This is a whopping drop of 27%. I love collapses like this because it means there will be a big bounce. If an investor or trader can analyze the commodity chart correctly, there is huge money to be made. I did it. After...
Missed this rally. Saw the possibility but didn't like the probability. Trade ideas: A corrective pullback in wave (ii) holding support would be an aggressive entry. An impulsive i-ii setup off the (ii) is safer ( better defined stop). Taking out the presumed coming wave (i) high is safest with stop below wave (ii).
Green count looks busted. Purple/pink count looks low probability. I'm on the sidelines waiting for a decent set-up to trade against. Either a bounce off the lower green 2 target or perhaps pink (ii) after 5-up for wave (i). Open to other ideas if you have them. Nasty corrective slop is what I see at the moment.
Retrace hit c=100% a target and reacted overnight. Possible i-ii set-up formed during trading hours. Earlier today I attempted a swing trade entry long UNG Sep 7.5 calls. The difference in my green and purple count is academic for this trade as I'll likely exit on wave (iii) of either purple 1 which might be wave iii of (i) in green 3 (not annotated).
We can take a long at market, or wait for 26.09 to get hit to jump in this trade. Stops should be below 23.55 to be safe. Target the 38 handle give or take. It's worth considering this setup, specially if NGAS resumes the uptrend. Check out my updated track record here: pastebin.com If interested in my real time whatsapp alerts and swing trading newsletter, or...
100% retracement support level at $8 will act as a good buying zone for UNG
After a mega run, Natural Gas needs to take a break and will be pulling back before beginning a new run upwards, likely toward the $6 range... it might not go that far, but it's going to have a lot of power behind it once it reverses. The daily time frame has broken the uptrend in COG and CMF, so the uptrend should end. I believe that Natural Gas will be one of...
Many thanks to Elliottician expert Arkady at www.elliottwavetrader.net for his assistance with this NG count. See my earlier ideas on UNG or NGN2016 for different time frames.
We seeing bullish rotation of the "point of control." Be aware of the overhead "gap" that remains as it will be an opportunity for trapped longs to exit trades with minimal losses. We will likely see longs who accumulated through Mar/Apr/May take some profits. These actions are likely to create some near term resistance. This may also result in prices...
Bulls are attempting absorb the supply evidence by the higher lows present. The theme remains that demand exceeds supply. Given that prices closed on support I believe a LONG entry is reasonable with a "tight stop" as shorts are buying into resistance. I believe we are seeing strong hands maintain their positions while new entries respect that they are...
The theme remains bullish for "natty" as we rally off of support after identifying bullish absorption. We can see 3 months of ACCUMLATION here so it difficult to estimate an upside target but we can identify some anticipated levels of resistance at $8.00, $8.30 & $8.80 as well as "gaps" created during the "markdown." We saw a decrease in cumulative selling...