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On the UNG do you believe it is starting a 3rd wave higher or do you think its in a C of an ABC with another down leg to follow?
You asked for a bullish alternate count so here is my best guess:
On the EFA I am forming a gigantic consolidation head and shoulders pattern, not a head and shoulders top with another huge leg up to follow. The EU will stay together in an arrangement in which the US federal reserve backstops Europe in exchange for the Euro to be pegged to the US dollar.
In my opinion any bullish longer term count must be linked to at least an intermediate (6-18 month) solution to Europe.
UNG: Could be either. I’d say, right now, ABC. Any case, way too hard to do.
EFA: Good Luck.
Ed, IYH seems to have gapped above a long term resistance point, perhaps due to the SCOTUS ruling. Is it in a wave 5 going back to 2009?
Love your show.
ABC, X, A. Double ZZ
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