Educational -- Chart Pattern Identification Drill on NGAS

I think this came out well. A lot of the measured targets worked out just the way they should as I recall from Murphy's "Technical Analysis of the Financial Markets," but I also need to learn more about Wave-Trader and other's more modern methods.

If I had to forecast based on the patterns and structure inside of the bullish channel at the moment:

We are currently in wave v of wave 1. Expecting a correction soon -- what type of correction we will not know yet. It is very possible to happen soon considering the price is just at the major purple support/resistance zone and should tag the bottom of the channel. This is a potential opportunity to long, with stop loss outside of the structure.

Comment:

Flag Pattern on 1H

Comment:

Flag has broken out within 9 hours -- nice set-up! (did not take a trade as I was sleeping at at work. But one day...)

Comment:

Possible new structure on the daily?
(I moved channel lines, otherwise I needed to accomodate for a false breakout to the upside as well as a downside breakout without much momentum)

Comment:

NGAS has tankedddd. Looking for price action at the bottom of the channel.

We can look for a buy there, or watch for a breakout to downside and sell the resulting flag