UNG has reached Fibonacci support for a 3rd wave, although the degree is unclear given the start of this decline. Near-term bounce may reach the high 6s, or perhaps as high as 7.67/8.75. Either way, a corrective 3-wave bounce into resistance sets up another decline, likely below 5.00 or even 4.00.
Positive divergence on MACD still holds, and may continue to hold through waves iv and v.
Positive divergence on MACD still holds, and may continue to hold through waves iv and v.
