NATGAS - Massive trap/breakout - at yearly pivot
NG now at top of longterm trendchannel touching yearly pivot after a five wave extension. Latest five wave extension lasted 21 bars - It's exactly equally this time.
RSI Daily is extremely overbought but it still got room for more upside on daily/monthly. A breakout to the upside would be massive but the party would be over as quickly.
I'm bearish and watching it carefully at this stage, waiting for confirmation at any direction but I favor short as we're still making lower highs/lower lows on daily. I expect this could legdown pretty extreme within 1-2 weeks. We still are ABCD on daily with remaining E correction. My bearish endtarget would be the main support trendline around 1600-1300 with some stops along the way. Could be fun riding this down but let's see!
RSI Daily is extremely overbought but it still got room for more upside on daily/monthly. A breakout to the upside would be massive but the party would be over as quickly.
I'm bearish and watching it carefully at this stage, waiting for confirmation at any direction but I favor short as we're still making lower highs/lower lows on daily. I expect this could legdown pretty extreme within 1-2 weeks. We still are ABCD on daily with remaining E correction. My bearish endtarget would be the main support trendline around 1600-1300 with some stops along the way. Could be fun riding this down but let's see!
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