Natural gas remains on track to reach a target of 4.484 and to confirm that it has begun an important uptrend.  On Tuesday, the futures tested the recent bullishness with a move down to just below the midpoint of the pattern that we have been monitoring all week.  But the recovery was swift, and the bullish tone of the market remains intact.  The 4.484 target is “in the middle of nowhere” and does look enticing for a short-side trade.  Traders can sell at 4.479 with a stop at 4.491, for a hypothetical risk of $120 per contract.  But keep an eye on the big picture, as a move to this “D” target would surpass an important prior high at 4.463, visible on charts up to the 120-minute timeframe, and would give birth to some prominent new impulse waves.  Any well-reasoned approach to the long side of this market is likely to be rewarding under the circumstances.  (Posted by Doug McLagan) _______ UPDATE (midnight, Thursday, November 11):  On Wednesday the futures bottomed about two cents below Tuesday’s low and have moved back up in evening trading.  The pattern we are watching is very much intact and our trade recommendation at the 4.484 target remains effective.