Thank you :)

Monday’s low may have been the end of the pullback. See the comments that I just posted as a reply to Stargazer below.

My gut on nat gas says that it recently put in a significant, swing or potential trend tradable bottom with the recent divergent lows, first on the daily chart & then another DL following the recent pullback on the 60m chart. Nat gas was in a pretty decent looking uptrend & was cold-clocked out of the blue the other day when NOAA released a report stating they expect a warmer than usual winter.

Usually, the only thing that knocks down NG 3% or more during a fairly clear uptrend is a surprisingly bearish weekly inventory report. With that being said, so far there hasn’t been any follow-thru selling to that NOAA smack-down the other day with NG recovering the entire drop so far.

As such, it still needs to clearly break out back above 2.30 again & if so, a break above the Oct 16th reaction high is likely to open the door to the next major leg up in nat gas (you can correlate those levels with UGAZ). Otherwise, a break below Monday’s lows & especially the Oct 11th low would be bearish.

Is there a bottom anywhere in sight for UGAZ?

Thx. It feels like I turned the corner on my cold/flu? last night & feeling better today. Good point about how the tide can turn suddenly just when things appear to be hunky-dory in the market & of course, all tops come following an uptrend. However, the fact this market has failed to move more than 3% above the high it put in over a year ago back in Sept 2018 indicates that while the tide may not yet have turned to an ebb or ‘falling’ tide, the flood or ‘rising’ tide peaked over a year ago & we’ve essentially been at a slack tide since.