So I have two price targets for this upward move. This is not to be confused with what I think is going to happen by February (a much higher high at least $4.10), I'm talking short term...2 weeks from now before a decent pullback. The first is for Natural gas to reach the 100% measured move of "W" at $3.30, which happened in the beginning of November. There is a pretty good there as well. The 2nd price target, which is what I am hoping for and which makes a little more sense to me, is the 100% measured move of the first part of this current "Y" wave that began last week. That is the FIB that is colored purple. There is a gap to be filled there AND, a 50% typical correction for this WXY wave move would bring it down to retest the and also stay within the yellow path.
As far as how this would equate to UGAZ prices.....I really don't know yet. I watch the NG chart to get an idea of when we are close to a trend change for UGAZ . I will be watching the structure on the daily to try to figure out where we are in the wave count and weather or not we are close to a warm weather reversal. GL
I did not think it would do it but it looks like NG is going to fill that gap just below. SO my very short term was wrong. But I am still holding because I know it will eventually rally for at least a month.
It doesn't seem relevant.
On a side note for gold. All the big names are saying that gold has simply been basing for a huge rally to start at the end of this month or January. While I do think we will have a strong rally just like the last two years. I am not convinced that this is the start of gold to 5,000. @TomPower,