Have had a request for an updated UNG chart listing next supports since it dropped through 16.03 this week so I thought I would put it here. Ideal cycle low this week with supports at 15.21 and 14.82.
SPX is gap up again but I can’t pound the table for higher. Next intraday target higher at 3333 and next daily target at 3339.
Bonds had a nice drop from deep wave (II) resist at 158^23 today and now down at the moving averages and support at 157^08. Now need the latter to fail as support for the next move lower to really kick in.
SPX may stall a bit at 3306 but prefer higher to 3313 or 3321 before a more serious correction kicks in.
Bonds rose again today and are putting stress on the idea of a lower high to the January 8th spike high. If it were to pop up over the aforesaid high, I’m more inclined to either treat it as a [II] or perhaps ‘b’ as the low so far still strikes me as too shallow for wave (b).