Loading ...UNG
Time to watch closely.
I have a PROVISIONAL LT buy, pending EOM.
BUT … no new rebound high yet, and we’re daily OB with a pending ST sell (watch Sun futes).
ALSO, the rally/bounce is only an abc so far. No impulse yet.
Without one, another test of the lows is probable (barring a leading diagonal wedge 3-3-3-3-3 up).
If we get iv and v for this bounce, look thereafter for a higher low (as 2 down).
If we don’t, look for a full on retest (which then seems likely to FAIL at least briefly).
Visual:
https://s3.tradingview.com/snapshots/p/PAtIQWRD.png
(where AR is presuming 5 up before having the requisite evidence)
Thanks for your read…I’ve been scaling into UNG and CTRA with help from your and Nightingale’s analysis.
What are your thoughts on /cl? Is a long term oil bottom about to put the kabash on the QQQ rally?
TIA
Not bullish crude, or energy equities (yet).
Not bearish either, in any committed way. Sitting it out for now.
Except for URNM.
Ok, understandable…the economic downturn is definitely looming large. Tough for me to reconcile against the geopolitical backdrop which is escalating. Also in URNM and URA for the same geopolitical reasons.
Just so I’m clear to those who don’t follow me closely, “reasons” are NEVER a reason that I place trades. I don’t track news or events to form biases, although they can be catalysts. My charts and positioning are purely math based. The math can still get fuzzy, in the sense that the market can change its mind before your key timeframes lock in. AND, the market routinely changes direction in anticipation of what they “see” for the next timeframe. Ie, 3:50PM moves, Friday moves and late in the month reversals. SOP.