I never post a chart for this stuff but it is in such an incredible buying opportunity location right now that I just had to. There are so many huge gaps above and this is looking like such an easy wave count AND there has been two days of record volume in this last week alone that I cant ignore this. I really think this is at near absolute bottom. If it did not bottom on Friday then I think maybe in the next two days it could reach $8.80 range and then fly. 100% no problem.
On a side note....Oil is doing exactly what I thought it would do....give one more push up. ($54 - $55 range) I think that oil will have another couple days up as well before it starts a drop that could last a few months. GL
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Ugaz False Breakdown I believe that this was a false breakdown. I now believe that we are in a new wave 1 of a larger 1 and should at the very least hit the 10DMA before starting wave 2 down. A More bullish case would be for wave 1 to end at the 20DMA. So I drew the arrows as I see it at this point. Hope it makes sense to you. GL trading this
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Arrow update. My thoughts on possible future price movement
I bought UGAZ friday. Just keep in mind that UGAZ loses 8% of it's value per month average. The contango is greater than Jnug because it uses futures.
That might throw off the wave count a little, or show a terms that varies from natural gas.
Were you able to get the same wave count on NATGASUSD?
That might throw off the wave count a little, or show a terms that varies from natural gas.
Were you able to get the same wave count on NATGASUSD?