Wednesday, September 16, 2009

Natural Gas

This is a likely Elliott count with the 5 making a "1"  of larger degree. Notice that it ran into trouble at the channel trend line AND the .618 retrace of OCT's last leg down (not the spot mo. which it's already exceeded). Since it is very early days on the pivot, the count may get labeled somewhat differently if there is an extension etc. BUT the point is, that after a consolidation IF the NG takes out the highs at 3.61 it will likely be a 3rd wave with the potential for serious upside (typical 3rd waves are a fib multple of the 1st wave ).

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