Thursday, March 17, 2016

Elliott Wave Stock Signals - UNG Trade Update

Elliott Wave blog stock count on UNG


I wanted to give a quick update to my long call spread on UNG. UNG popped over 3% today after a volatile session and is showing signs of a bullish breakout.  Attached is an updated chart that shows a nice breakout above an upper channel of resistance, a retest of that resistance which became support, then a resumption higher.  Price has paused at the 38% Fibonacci level but will continue higher toward the 50% Fibonacci level ($7.14) at a minimum.  The price action I described around the upper channel line is indicative of a breakout.  So although that would most likely mean my wave count is wrong and that wave 5 is complete, it still means higher levels in the near future.

Unfortunately the way this spread was setup, the sooner that happens the smaller the profit. But, whenever price hits my target, around $7.10, I will take profits even if they will be fairly small.

Please like this post :-)


PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

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