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BOIL, and natural gas in general spent what seems like forever capitulating. There was just too much supply but I expected demand will increase which would drive up the price of natural gas. Supply and demand are the main drivers of commodity prices as they determine the amount of a commodity available and the level of desire for it. When supply is low or demand is high, prices tend to rise, while excess supply or low demand can lead to price drops.
When news broke this morning, the price dropped 20% and we landed -20%+ at EOD Monday. If you look at the daily wave master (not pictured), you will see that there is significant chance that this little trooper will drop more. What is more important is that the move looked like it finished after a 60%+ move from the lows backon Frbruary 21st. Now, we wait. Lets see if BOIL and Natural Gas make new lows or if we'll find some support. Need patience on this one.
$@.96 today , how much lower or we go up from here , what's your opinion ???? thank you When news broke this morning, the price dropped 20% and we landed -20%+ at EOD Monday. If you look at the daily wave master (not pictured), you will see that there is significant chance that this little trooper will drop more. What is more important is that the move looked like it finished after a 60%+ move from the lows backon Frbruary 21st. Now, we wait. Lets see if BOIL and Natural Gas make new lows or if we'll find some support. Need patience on this one.
bitdoctor
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@elenaec absolutely need patience in this one. Natural gas raiding $1.85 is possible. I still like boil as an upside play though.
@elenaec yep I translated. Initially I panicked but then I thought you had a typo. Lol 🤣
PriceActionHelp
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It's a tricky chart.. I think the wave 5 actually ended on March 2 and now it's an expanding flat correction..
bitdoctor
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@PriceActionHelp, This is what I love about EWT - it's so subjective that you could end up being right in the end. If thats the case, then we should be going up from here. I'm not as optimistic at the moment. I was about to pull around 65% on the trade and am happy to watch the price action work itself out. The daily indicators are pretty overbought at the moment so I'll sit aside and watch.
PriceActionHelp
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@bitdoctor, Yes, I see and watch too. In general, I think NG will get around $2 so there's no need to hurry..
When news broke this morning, the price dropped 20% and we landed -20%+ at EOD Monday. If you look at the daily wave master (not pictured), you will see that there is significant chance that this little trooper will drop more. What is more important is that the move looked like it finished after a 60%+ move from the lows backon Frbruary 21st. Now, we wait. Lets see if BOIL and Natural Gas make new lows or if we'll find some support. Need patience on this one.