Like Arnold's predator, I like to look at the different views of the same data. Check out the long term chart in of UGAZ log scale. Look how a line between red 1 and 5 is parallel to that of red 2 and 4. Look how red 4 screamed up to try to retrace to the level of the prior 4th (which was lime green 4). Look how wave 3 of blue 3 had the biggest gap of the entire series. Look how blue 3 was a falling wedge (w3). Look how blue 4 was a HT. And look how blue 5 would not give up until it made a lower low. Look how red 2 is complex and sideways and how red 4 is a vee. Look how blue 2 is a vee while blue 4 is complex and sideways. It's textbook EW alternation.
The upside potential here is to $9. Yes, I know the percentages involved but people thought that JNUG could never go up like it did either.
As for entry points, the shares are right up against resistance and so they will LIKELY either have to either gap up at the open tomorrow else they will have to slide down that top rail a bit before breaking out. The gap is needed in order to form a 1" punch. These are not very common and so if this DOES gap out then realize you are observing something that is not common and respect the fact that it takes mega energy to do something like that.
If it does break out then buy any 3 wave dip no matter how tiny and then set your stops at $1.16. Until this has broken out of the log scale, I can't say it has broken out even though it has done so on the linear scale.
1 comment:
Stopped out on my last add of UGAZ at 1.27 .... but back in again today at 1.17
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