UNG, coiling towards 12 or diving to 8.50?

It appears that a correction is about to end on UNG if it has not already ended...... or are we diving to 8.50 from here? I am in the correction camp, any followers. here. GS.

Gold, I have been playing UNG on both the long and short side the last year. The last few weeks UNG has had gaps up and down and the waves are over lapping each other. Long term I am very bullish natural gas and ung but I am leaning on a re-test of the lows even if it does go to 12 first. I'm standing aside until the wave count clears up a bit.....good luck trading. if I may ask, what is your wave count on the INDU. Thanks

Gold,

I have been playing UNG on both the long and short side the last year. The last few weeks UNG has had gaps up and down and the waves are over lapping each other. Long term I am very bullish natural gas and ung but I am leaning on a re-test of the lows even if it does go to 12 first. I'm standing aside until the wave count clears up a bit.....good luck trading.

if I may ask, what is your wave count on the INDU.

Thanks

Thanks for the feedback on UNG, I think its future is still dependent on the double dip risk. If there is a double dip, 8.50 might be punctured even lower and the long play delayed until later in the year.

On $indu, I have it as completing wave 5 of E, so IMO we should be close to a strog downdraft.

GS.

TRL, I too am very bullish NG, but it looks ripe for a dip in here - maybe the usual painful dip for bulls - waiting is good.