Time to take another peak at the U.S. Natural Gas Fund ETF (UNG). It's up nearly 40% in the past several sessions.

Let’s notice that this morning’s new recovery high in the UNG at 17.47 was accompanied by a glaring negative RSI divergence, which is a major warning signal to me that the upmove from the late-April double bottom at 12.69 likely ended at 17.47 (+38%). My near-term pattern work also warns me that the form of the April-May upleg exhibits the look of completion -- ahead of a corrective period that should press prices into the 15.75/25 area and possibly to the 14.50 area prior to my expectation of another powerful upleg that should propel prices above 18 into the 20.00-21.00 area thereafter. I will be looking for entry into the long side under 16.00 in the upcoming hours/days.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.