Natural Gas Corner - Weekly Chart Triangle Update - A Price Decline To The Lower-2.000 Level?

The triangle pattern on the natural gas weekly chart remains intact even with recent strength in the market.

This pattern which begins at the 2.443 May low was almost negated this week as the spot September 15 contract rallied up to a 2.934 weekly high.

This high held below upper triangle trend line resistance at the lower-2.900 level.

A breakout under lower trend line support currently near the 2.700 level will trigger the triangle which will have a downside measuring objective of .650 from the breakout point.

This would turn the 2.100 level into the downside price objective if the bearish triangle pattern is triggered.

Trade down to the lower-2.000 area would coincide with a fundamental scenario in which U.S. natural  gas storage would reach an all-time high.

It appears that most of the markets are in a deflationary collapse.  Equities are next regardless of the "Yellen put".