UNG – Weekly Buy Signals
Courtesy of Allan
Below is a Weekly chart of UNG which as of today is in BUY PENDING mode. This means that if UNG closes the week at or above current levels, it will trigger a Weekly BUY Signal.
Not only is the Weekly Trend Model closing in on a fresh BUY, the requirements of an Advanced GET Mechanical Buy Signal are also present. Those requirements are:
(1) Measured five wave decline;
(2) Divergence in Elliott Oscillator (lower study);
(3) Break-out above Trend Regression Channels.
You can see on the above chart that the Trend Regression Channel from the previous wave iv high is coming in this week right at the Trend Model Reversal Level, so again if prices close the week at or above current levels, both the Trend Model as well as the Advanced GET mechanical Buy Signals will be confirmed.
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Here’s a longer-term chart which shows the wave count discussed above. The higher 4 is part of the earlier wave count 1, 2, 3, circled with dark blue. – Ilene]
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