Monday, February 22, 2016

Crunch day for [UGAZ]

Per the backlink I expected a bottom very soon in UGAZ.  I wrote, "I've been on bottoming watch for UGAZ for several weeks now.  The top level chart says that red 5 likely ended last Friday or will gap down for one final slap in the face of leveraged nat gas longs before the big reversal begins."

Well, today during the pretrade this gapped to $.96.  I picked it up at .963 and held as it actually traded as low as $.955.  But then it move back up very quickly.  Who else was with me buying the unicorn tail?? 




My stops are just below the low of the pretrading session but I doubt I will need them because it moved up off the bottom in 5 waves to test the rail from below.  That should only have been 3 if this was a correction...





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