Monday, August 4, 2014

Elliott Wave Analysis of UNG (Natural Gas ETF) - Bottom in place soon

UNG (Natural Gas ETF) close to a bottom

Sorry for not having update the last couple of days, but I have been extremely busy keep the Elliott Wave Surfer Service up to date. We have seen a lot of action in the Market lately.

Since the February high at 27.89 we have seen a very complex double zig-zag correction, which should be very close to a bottom. Ideally we will see this wave IV end in the 20.12 - 20.42 area for a break above resistance at 21.95 being the first strong indication, that the bottom is in place for the next major rally higher to above 27.89 in wave V.

At this point only a break below support at 19.98 will be of concern as that will leave us with an overlap between wave I and IV, which is not allowed under the Elliott Wave Principle.

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