Bottom of my target box was tested today with 6.47 low. Should 6.47/.38 fail, then I'd expect 5.89 to be tested. Positive divergence still holding on MACD.
Original purple ED count was invalidated 2 days ago. I've revised it here in order to demonstrate that a rally should not necessarily be viewed as a long opportunity - not as a trading suggestion. Resistance at 7.24/.48.
Blue (cyan) triangle count adjusted primarily based on NG futures holding above December low. UNG decay has clearly broken below its 6.91 December low.
Initial indications of a potential bottom would come only with an impulsive 5-wave move higher - breaking above overhead resistance - followed by a 3-wave pullback holding above 50%-61.8% retrace support.
Original purple ED count was invalidated 2 days ago. I've revised it here in order to demonstrate that a rally should not necessarily be viewed as a long opportunity - not as a trading suggestion. Resistance at 7.24/.48.
Blue (cyan) triangle count adjusted primarily based on NG futures holding above December low. UNG decay has clearly broken below its 6.91 December low.
Initial indications of a potential bottom would come only with an impulsive 5-wave move higher - breaking above overhead resistance - followed by a 3-wave pullback holding above 50%-61.8% retrace support.
