Bear market rally is likely over — a longer-term retest of $1.23 to $1.30 could be underway
The rally from the Jan 2015 low in RB Gas can be viewed as simply a retest of the 3-1/2 triangle top on the weekly graph, as shown below.
The daily graph of Sep RB Gas has completed a H&S top pattern with a down-slanting neckline and abbreviated right shoulder. Both of these conditions are characteristics of internal market weakness.
The targets in Sep RB Gas are 1.6344, then 1.5315. Eventually the market should retest the low established in Jan at 1.23xx.