August 15, 2012 at 13:25 PM EDT
Important Inventory Report Tomorrow for Nat Gas
From the April low at 1.902 to the July high at 3.277, nearby natural gas appears to have started and completed its initial upleg in a new bull phase. All of the action since the July 21 high at 3.277 to the Aug 13 low (so far?) thus represents a correction of the upleg and/or a secondary trend reaction against the newly dominant uptrend. After a vicious intermediate, long-term downtrend, the first reaction (corrective move) can be, and usually is, a nasty affair that emotionally makes holders and would-be holders of long positions doubt their analysis and optimism.
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