In the backlink one of my higher level models suggested a bottom in the $2 region was likely but then I counted 5 down from a HT and assumed the bottom was then in.
It turns out that this was likely just 1 of 5 and since then 2,3,4 and 5 of 5 have transpired or nearly so. We could see one more small wave down to $1.90 but it doesn't have to. It could also be doing the 1-2-1-2-3-4-5-3-4-5 meaning $1.50-$1.60 is also possible for a day or two. Commodities are known to often extend the 5th wave as documented many years ago by Frost and Prechter.
Monday, December 7, 2015
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Back in UGAZ for a big position today at 2.04 ..... winter is coming.
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