Wednesday, October 21, 2009

NG On Track

The Natural is progressing: after taking out the previous highs at 5.12,  it is now consolidating under the fresh high 5.23, and testing that 5.12 breakout. It can retrace 50% from here, to 4.79 without doing much  damage to the upside structure. There have been a series of pretty good pullbacks, maybe that's a characteristic of this advance , then again,  maybe we see the rule of alternation come in to play and get a very shallow move holding above 5.00. Target remains 5.58.

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