Natural Gas from the weekly chart clearly is in a longer term downtrend. From the daily chart we are now for the 2nd time at a .62 retraction of the recent rise. IFFF the sideways action since is what the EWT folks call a "flat" we may well be ready for a sizable up move. Stay tuned. Feedback on this would be greatly appreciated as the picture is far from clear. Would like to know what others think.
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Good start this week. In EWT one of the rules is that wave 1 and 4 cannot overlap. However occasionally (for me at times of transition) wave 1 or wave 5 can have 5 overlapping waves where wave 4 overlaps wave 1. These are referred to as "leading diagonal" or "ending diagonal". In the 1 hour chart I think we may have a leading diagonal. If so there will be a strong up move next. Process your way. No pattern is always correct.
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Correction. The chart on the left is a Weekly chart.
Good chart..thanks..agree that we aproaching the phase of a very powerfull breakout to the upside ..hopefully,within 4 weeks time frame on our charts..fully built UGAZ position yesterday,after selling at 105 levels with good profit recently...current TP for UGAZ $89 ...Good luck to all UGAZ traders@@
goodguy
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@leonarddavidson60, Thanks for the feedback and good luck wishes. May we both be smiling in a few weeks!
goodguy
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@leonarddavidson60, I see you have not posted your charts. Hope you will.