[UGAZ] update

At the backlink I provided the chart below with the commentary, "This was more like wave 5 down or most of it down.  It might in fact only be w3 of red 5.  This will either break out of the down trend on the next trading day (Tues since Monday is president's day) or it will do 5 more small waves down to $1.20.  I'm carrying a small position of this over the weekend but will be looking to add to it with a larger portion if we get a definitive breakdown of the support shelf.":



Yesterday I was telling a colleague that it was time to pay close attention to this since it had found support at mid channel.  As mentioned many times in these pages, 5th waves of wedges often end mid channel.  Then I noted that 5 tiny wave were put in to kiss the top rail.  You could not see all 5 without turning on the extended trade data.  Then we got 3 small ones down and that is when I put in an alarm to trigger if the top rail was broken out.  That in fact happened AND today was an intraday reversal.  You rarely get a more bullish setup than this or one that is easier to trade.  Set stops below the recent low that happened on the 12th (DO IT!!)  and then just walk away for a couple days.



It will be intresting to see how close the model below comes to actual.  If you see this happen I think you know what you will want to do when the retracement into wave 2 happens....