[UGAZ] update

Per the backlink I was looking for a reversal today, the nature of which I believe will tell us what to expect next.




Current action gave us a retracement, looks like it is probably A and B of 2 (or B).  If you missed out on the initial move up do not feel bad.  Many experienced EW players do not give a crap about catching the exact bottom.  Even I admit that it is mainly for sport.  Or more to the point, it is a lot more risky, a lot more likely to stop you out, etc. 

Where things tend to stabilized in on the reversal is during wave 3 up.  Additionally, since 2nds are often deep vees, the patient EW analyst will be looking for this to occur in an a-b-c fashion.  1.82 is the 61.8 fib and 1.70 would be the 70.7 fib.  It is also where wave red C would about equal to red A.

Despite the fact that the shares have recently bounced a full 100% (and then some) from the bottom, nothing fundamental has occurred that even remotely justifies this kind of valuation change.  So again, I ask those who think that stocks trade on fundamentals the following questions:

• was there a fundamental reason for this bounce?
• was there a true fundamental reason for the crash in the first place?  I mean, has the global economy really crashed by 90% like oil services have?
• whatever reason supposedly caused the bounce, did it go away today to result in a large dip?
• why is it that fundamentals can't seem to predict any of these things but my EW charts have, in many cases as a matter of public record, been eerily accurate?

Thinking people must quickly come to the realization that these things are not moving on any kind of fundamentals.  It's all emotion and herding instincts.