Natgas is looking upside. From what I see, its in the three wave correction and is in the wave C. This upon completion can give an opportunity to go long, with a favorable risk reward. As of where it stands, short term sells are possible till it reaches "A" but I would like to see it complete the "C" and then look for a potential long entry. The pattern is invalidated when the price makes a lower low which is marked on the chart. This 3 wave correction is one that we see quite often in the market with known outcome after the pattern completion. So, IF there is a long Entry setup at the C completion point, THEN one can look for long opportunities. Else, wait for a clear setup to emerge.
** This is not a trade advice**
** This is not a trade advice**
Comment:
Moment of truth! We see Natgas is now at the (a) point. It can push down a bit more coz no one knows when the C wave would end. There is bullish divergence seen, we look for a long entry setup. If I *dont* see a proper entry setup for longs, I would keep off because I like to go with conservative entries and not aggressive entries.