Last Post: https://bartscharts.com/2023/03/20/natural-gas-ung-march-20-2023/
Well, the pain cave continues as I’m keeping my position and searching for a “low” in UNG. I’ve updated the count because recent price action has gone below the low made in 2021 (UNG) but, as you can see, the futures has not broken below the low. UNG and the futures “try” to go in concert but, as you can tell, they aren’t a “perfect” one for one match.
Man, to think I was holding this puppy up at 34 and ‘expecting’ a pullback … a complete wipeout, and now a losing position to boot? This is an example of horrible investing. Period. But, I’m sticking with it as I do see a low approaching or here.
I LIKE the MONTHLY MEASURED MOVE PATTERN THAT IS SHOWN BELOW. ITS A PERFECT MATCH IN PRICE AND TIME. But, that doesn’t mean it won’t fail, of course, but these MONTHLY MEASURED MOVES don’t usually fail. In fact, I’ve really never seen it happen. No kidding.
The UNG chart shows another (my counting is like my golf game, remember?) valid count and we are completely a “b” wave that broke the low but it “should” be bottoming here or nowish … there’s a subwave count I’m watching which I will update depending on what happens over the coming days/weeks. But, either way, the next major move “should” be UP for UNG.
We are tickling the 1.05946AB=CD and the 1.732 extension from ‘a’ (purple) … basically an ABCD into a 1.618/1.732 extension SHOULD provide support for the next move up .. BUT, it doesn’t have to.
Hang in there w/ me ….