Wednesday, August 5, 2009

Nat Gas Triangle


NG failed to gain any momentum down from yesterday's high and chopped lower in a classic corrective abc pattern. Now the triangle it appears that we are looking at USUALLY will break out to the upside, and that leg would = .618 of the presumed 3 wave preceding the triangle @ 4.25. Additionally the C=1.382 of A at 4.24.
Triangles in NG lately have often given "false breaks " first. With the SP potentially topping out and terrible fundamentals I'm not excited about the potential for upside from a "breakout".

No comments:

Post a Comment