Charts added as completed. Full post ETA 10:30.
Bonds are forming a more complex corrective formation for wave 'b'. Today they rose early from 145^18 support to get stuck under prior highs but think bond prices will poke over those prior highs next week.
The 'b of (b)' in bonds is still developing as bonds were unable to break under the daily moving averages early last week. The overall plan is to get a choppy retrace from the high early in January to next month or early April before advancing again into July for a wave [ii].
When I last posted a UNG chart about two weeks ago, my assumption was that a wave iv bounce was forming against 30.08. As it turns out, that resist was not challenged again and prices have continued to fall. That said, I think it might be jumping the gun to say that UNG is now down in 'v of (iv)' though that is the alternate. The primary I am running with is that this drop is '[B] of iv' and due soon for a move up in '[C] of iv'. Targets for iv are at 26.71 and 29.13. As for timing, beginning to mid April looks appealing for the 'v of (v)' low. Weekly and daily charts below.
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