Trade the Cycles

Wednesday, August 06, 2008

I'm Looking To Short The Natural Gas ETF UNG

I'm looking to short the Natural Gas ETF UNG (http://stockcharts.com/charts/gallery.html?ung) in an intraday countertrend Wave B upcycle, that's occurring as I write this, see http://finance.yahoo.com/q/ta?s=ung&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, and, note the large bearish breakaway gap to the downside on Monday, and, note the huge bearish spike on today 8-6's intraday chart.

A countertrend Wave B type upcycle began early yesterday 8-5, so, I'm waiting for it to peak/do an Elliott Wave 12345 up down up down up upcycle, and, to see if UNG makes a serious attempt at filling Monday 8-5's upside gap at 43.81. Once/if it's obvious that UNG failed to fill 43.81, then, I'll look to go short.

.......http://www.JoeFRocks.com/

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