Just a hair more downside to solidify this breakdown should do the trick for /NG (natural gas futures), sending it down to the 2.533 first target followed by a bounce & then the next leg down to the 2.469 target. Any move below today’s low of 2.629 would provide that alternative objective short entry or add-on to a partial position shorted at higher levels yesterday in anticipation of the breakdown.
NG 60m 2 Sept 18th
Likewise, DGAZ (3x short nat gas ETN), the official proxy for this trade, has broken out above the 60-mine downtrend line and is approaching the 93.12ish gap backfill/resistance level which, if/when taken out, should open the door for a thrust up to the first price target.
DGAZ 60m Sept 18th