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.
评论
nick.holland78
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You don't see many 8min charts from me, but here's a closer look at what is necessary, imo, to prove a convincing bottom. Could take another day or so...
nick.holland78
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Was that the bottom? Need an impulsive 5-wave move for i with a corrective pullback in ii. Then take out the coming presumed high of wave i to be convincing. Lot of work ahead but this 3rd wave *could* be phenomenal.
nick.holland78
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Hmmm, turned down from near alt iv region. Like to see a reversal from my target box as shown, ideally early this week.
nick.holland78
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UNG over ~9 and I can start to believe the bottom is in for green cir-ii. Lot of work ahead climbing back out of this hole...
nick.holland78
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Looks like the green count is operative. Slightly edited the micro counts. Could be very close to a reversal. Note positive divergence setting up on MACD. Good reason not to rely on truncation without confirmation.
nick.holland78
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At this point I'm expecting at least one more dip in green wave (c). White count, while still technically valid, is highly suspect.
bhowe
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Harmonic Shark pattern in play. Don't be surprised to see much lower prices before it moves higher. IMHO.