NGN2016

Haven't posted a natty count in a while. While the bearish count target for wave (v) of 5 is unchanged, wave (iv) did come significantly higher than I anticipated. Credit to the experts at www.ElliottWaveTrader.net for giving me the idea to consider the bullish alternative shown in green. The structure of green wave i of (iii) through April isn't quite to my liking, but its worth consideration.

I've been excited about potential for natty to complete its long term correction - and have warned in previous ideas about shorts overstaying your welcome - so I'm prepared to start looking at long entries IF support holds and impulsive waves form off intermediate lows.

I'm currently short UNG 7 puts expiring in July, small position.