Friday, December 18, 2009

Natural Gas Elliott Update

The -3- of 3 shows up (when I'm out) in classic form. Some consolidation now of that move could be expected. The 4th of lesser degree (s) support hits in at both the .236 retrace and .618 retrace of the 3 wave at 5.74 and 5.43. Having taken out 5.57 decisively the next longer term resistance / target is 6.26 as .618 of the 2.95 spot month A leg. Of course, there are potential targets over that as previously mentioned, most prominent being the C=A at 7.40. Given all that, I would be surprised if a consolidation were to retrace as much as .618 of the last leg and nearer by support ie 5.74 or 5.62 would be more common.

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