Hello, from my point of view gas and oil already bottomed.
Four months ago i published and idea on NGAS long:
That idea is still valid, price didnt break last D1 lows and now is consolidating forming a series of 1-2 s
Last ugly consolidation is wave 2, i saw this structure on other charts.
We have also:
- AB=CD pattern tell us that correction for wave 2 has finished
- 0.786 fib retracement (deep retracement for wave 2)
- price is bouncing from corrective channel
- nice diamond on H4 chart, this pattern usually means trend change
- Oil has already rebounded (corrected), we should expect the same for gas (correlation information is useful!!) but not to the pip off course.
Most important the R/R ratio is good. The invalidation level (stop loss) is near 2.55
Best regards
***********************
Diamond pattern visible on H4 chart
Four months ago i published and idea on NGAS long:
That idea is still valid, price didnt break last D1 lows and now is consolidating forming a series of 1-2 s
Last ugly consolidation is wave 2, i saw this structure on other charts.
We have also:
- AB=CD pattern tell us that correction for wave 2 has finished
- 0.786 fib retracement (deep retracement for wave 2)
- price is bouncing from corrective channel
- nice diamond on H4 chart, this pattern usually means trend change
- Oil has already rebounded (corrected), we should expect the same for gas (correlation information is useful!!) but not to the pip off course.
Most important the R/R ratio is good. The invalidation level (stop loss) is near 2.55
Best regards
***********************
Diamond pattern visible on H4 chart