On a macro basis: The failure back below 3298 brought in 829 tics of pressure. The decent trade below 3414 brought in 642 tics of pressure.
On a shorter-term basis: The decent trade below 3414 brought in 758 tics of pressure. The maintained gap lower on 11/3 also warned of additional pressure, likely for days. We have seen 601 tics. I cautioned we held a last area of possible exhaustion on the way down at 2662-53 with a 2656 low and rallied 192 tics. This has the potential to bring in a new bullish correction/trend against the move down from 3507 if it holds. If it does not, this increases the likelihood of a run for 2421 (-). A maintained gap higher will leave a short-term bullish reversal below and will put the bear calls ON HOLD. Decent trade above 2915-17 will warn of decent strength, likely for days.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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