[UGAZ] update

At the backlink I was a bit early in calling the top of 1/A:



Per below, the pullback that I modeled as red A above morphed into A of 4.  Then we got b,c,d and e of 4 and then a peak into black 5.  If this count is correct then the selling since then has been part of wave 2.  It is quite possible that this could be a deep vee 2nd and so I certainly would not want to be in these shares until I have some confirmation that this will not be the case.

So deep vee is always possible but for now I will assume that the HT at the end of today's trading wasn't a 4th wave but rather the B wave thus setting us up for another pullback to red C tomorrow and or the next day.  The usual culprit pullback targets apply.  It looks to me like natural gas is leading the energy sector bounce.  The move off the bottom was pretty clearly motive.   When you want to be in this is during wave 3 / C up which should be starting in the next couple of days.  That is when this is going to really move up rapidly.  I suspect that other energy plays will be moving up at the same time as well into their 1st wave up.  During 3rd waves is when the leaders and the laggards are all moving in the same direction at once.