Tuesday, February 9, 2016

[UGAZ] update

In the backlink I didn't provide a specific model but the expectation was that we are in the early stages of a significant rally.  Since then we have had two down days which have pulled back to the 61.8 fib of what I currently count as wave 3 up.  This has had 5 rail bumps now and so it could and hopefully is done with the pullback but it could also fill the gap in a 78.6% fib pullback. 

The nature of the pullback is a bit harder than I would have expected for a standard 4th wave of a motive move up.   Thus the alternate red count has been added.  In other words we could have a 1-, 1-2 pattern going on here.  It's just too early to tell but if this falls back below black 2 I will be stopped out for a small profit since I got in almost perfectly at the recent bottom.  If stopped out I might jump back in quickly (I get email alerts) if the wave can give me evidence that I should but the stops save me from missing important sell signals when I just can't spend the time on it because of focus on work.

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