Overall pattern remains bullish with plenty of support below off the earlier 1-2 (not shown in this timescale).
Natural Gas pulled back sharply with a gap down last night. While I anticipated the potential for a pull-back (white count), this sharp drop reached the 76.4% retracement of the recent rise. This white count is seriously in jeopardy without a quick turn, though remains technically valid over 3.242.
The prior aggressively bullish green count (linked) is invalidated. I've repurposed my green annotations to depict a possible expanded flat. If price doesn't break 3.242 an expanded running flat is a possible interpretation.
I'd like to see the start of bullish reversal with positive divergence on technical indicators before considering new long positions.
Natural Gas pulled back sharply with a gap down last night. While I anticipated the potential for a pull-back (white count), this sharp drop reached the 76.4% retracement of the recent rise. This white count is seriously in jeopardy without a quick turn, though remains technically valid over 3.242.
The prior aggressively bullish green count (linked) is invalidated. I've repurposed my green annotations to depict a possible expanded flat. If price doesn't break 3.242 an expanded running flat is a possible interpretation.
I'd like to see the start of bullish reversal with positive divergence on technical indicators before considering new long positions.
