Natural Gas - Out of Gas?

Blow off top marks the high for me. This chart is performing very technically as the B wave went right to the .886 fib today to trap as many bulls as possible. If we don't get higher above 4.77 again, I expect a rather long bleed out to the main trendline or support, whichever comes first.

You can buy DGAZ if you want to trade against it but beware as it is a 3x inverse ETF so please set appropriate stops. This could also be a Wave 3 which means after some consolidation/pullback we may see an even higher Wave 5 past 5 dollars. Please be careful in this market.

Good Luck!

Commento:

on our way down. If we get above 4.55 and especially 4.60 I will have to question the analysis. Today should be a good day for shorts

Commento:

if we break above dotted line, I'll exit my short

Commento:

We break this trendline and it will rain down red

Commento:

Note the Bull Flag on the 4hr time frame, very possible we go higher from here.

Commento:

Nat Gas may be forming a triangle - bullish continuation. Will watch this tomorrow and see how it plays out

Commento:

Looks more like an ascending triangle now that we have had more time. Going to enter long with a tight stop at the trendline/MA

Commento:

Longed the trendline - if this holds, we should get over 5 bucks. Stop at breakeven.

Commento:

Possible near term targets if we continue upward. So far so good

Commento:

Stopped out overnight but bought at the second trendline today. I still see this 5 wave structure coming. We go under the trendline and I'll stop out again.

Commento:

Clear consolidation triangle on UNG, I believe we are going up very soon