NGG could be ending a multi year ABC and ready to rally
Updated
I can't show higher timeframe weekly count in TView for same post, but the lows right now are in momentum alignment with a 4th wave matching a 2nd wave from 2010.
Could possibly be forming a Bullish Leading Diagonal (which unfortunately will look corrective in character in the Bullish direction). So just wait for a strong pop above, say 60, because it should be a 3rd wave if it forms. Buy above, say 60.60. Don't get stuck in that Leading Diagonal pattern because it will be frustrating to wait forever. And if I'm wrong it will break down fairly hard.
Break of preceding 2016 Downward trend and Divergence is visible at the right edge of the chart in Daily timeframe.
Yes, Brexit of UK energy market will send NGG through the floor, but that's what a stop below 56 is for.
If this thing does break upward, then it will likely accompany news that the UK will not leave the energy market in Brexit.
Could possibly be forming a Bullish Leading Diagonal (which unfortunately will look corrective in character in the Bullish direction). So just wait for a strong pop above, say 60, because it should be a 3rd wave if it forms. Buy above, say 60.60. Don't get stuck in that Leading Diagonal pattern because it will be frustrating to wait forever. And if I'm wrong it will break down fairly hard.
Break of preceding 2016 Downward trend and Divergence is visible at the right edge of the chart in Daily timeframe.
Yes, Brexit of UK energy market will send NGG through the floor, but that's what a stop below 56 is for.
If this thing does break upward, then it will likely accompany news that the UK will not leave the energy market in Brexit.
Note
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