CHK short term jump, then H&S Reversal
As I mentioned in my Natural Gas Forecast, I believe that Natural Gas is ready to move up, so I decided to check out CHK which I believe is in the NG business. It appears that CHK is nearing the bottom of a descending wedge with the potential to break out and form a great H&S reversal pattern. The hourly waves are all in good position and the Day wave is about to turn positive. I expect the move to begin in the next day and last for a few days. The price action also looks very similar to where it was on 4-08-16, which is when it jumped 60% in just a few days, which is what I believe it is going to do again.
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