[UGAZ] update

We are now at around the target area pointed out by the model in the backlink but the action looks very 4th wave HT.  If this model is correct then UGAZ should head to the lower rail of the HT finding support at about $3.47-$3.50 before doing an e wave throwover the top rail which would be worthwhile trading.  But after E is done you will want to bail out because wave 5 down would be $2.50-$2.60ish.

This could all take place by the end of the month leaving UGAZ set up for a monster rally in Dec.

Is the EW chart telling us that it will suddenly get bitter cold this winter and that accounts for higher nat gas prices?  Or would the herd just find some other reason to fall back in love with natural gas?  Either way, 5 waves down are nearly complete and the level of the prior 4th is $10...