Wednesday, November 18, 2009

Natural Gas Update

After moving up off the lows from last week in an apparent 5 wave structure,
Natty is nearing the .618 retrace of that move. It could be expected to have AT LEAST another wave up..... c=a @4.90. The .382 retrace of the DEC contract move down is at 4.92, the .618 retrace of Spot Mo. move down is at 4.93


The low last week at 4.29 was a .36 retrace of the spot month 2.40 to 5.35 move.
It IS possible that this structure up could be the beginning of another leg up that takes that 5.35 high out. The .236 retrace of 15.78 to 2.40 is at 6.76. First NG has 4.95 to clear.

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