Natural Gas Plunges 22% in 24 Hours!

My medium-term pattern and momentum work indicate that the current nosedive in nearby Natural Gas is not complete on the downside, and that we should expect residual new lows in the vicinity of 4.75-4.65 prior to stepping again into the long side of the United States Natural Gas (UNG) market.

I will remain on the sidelines watching the near-term pattern structure during the next two sessions for clues about an approaching significant low.