Our main scenario is bearish, but there’s an alternate too
This spring might see a downward cascade
Back when I last updated UNG charts, I thought a bounce was due and in fact one has taken place. The question now is, was the low in February the end of the pattern down from the November high from last year or is there one more low left? I favor the latter because fourth waves typically have a complex wave form and we have yet to a new low or test of the 2017 low. For timing, thinking the best time for a low is late March or early April, even it turns out to be a higher low.
When I last posted charts on Japanese Yen, I was looking for a bounce up from a possible (d) wave low of a triangle [iv]. It looks like the last wave of that triangle, wave (e), completed at the start of this year. Cycles suggest wave [v] down is in progress and could last till August of this year
It might be making a durable low
The latest bounce retrace was very weak
What comes next after that 3-wave move?
Two resistance zones to watch
Ready for launch?