Friday, December 11, 2009

Natural Gas Elliott Update

The NG is consolidating JUST under/at the spot month highs of 5.35. Note the minor  pullback to  retrace .236 of  yesterdays move up.  This suggests a 3 of 3 of larger degree is in the near future. The overhead resist at 5.57, as .236 retrace of the 15.78 to 2.40, will likely be taken out in that scenario. If this structure up is C=A ie. 2.95 , it targets 7.40 from the 4.45. Additionally the .382 retrace of 15.78 to  2.40 is 7.51.

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