Wednesday, December 2, 2009

Natural Gas Consolidating


click on chart to enlarge
As mentioned yesterday, the minor bounce to a Fib retrace was to be expected. From yesterday,
" Natural Gas has come off from the 5.29 high in what appears to be an impulse wave of 5 down. A corrective Fibonacci  retrace of some .382 , or .50  etc can be expected, but should be followed by at least one more impulse wave down."

This could be a very simple and short lived consolidation , esp if it turns out a truncated -c- wave. Additionally,  I'm looking for a simple flat correction on the larger degree , spot month chart , and  the C wave to carry down to  4.10.

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