Potential corrective paths to wave (iv) resistance shown. Positive divergence on MACD may continue to hold through wave (v) into the low 5s, also seen on longer timeframes. A 3-wave corrective bounce indicates wave (iv) even as high as the low UNG 7s.
A bullish potential will be depicted only if a 5-wave pattern develops, at which point a corrective retrace support region will be identified for potential long entries.
A bullish potential will be depicted only if a 5-wave pattern develops, at which point a corrective retrace support region will be identified for potential long entries.
