Tuesday, December 29, 2009

Natural Topping Out?

From Monday Dec 21,
 " More likely the 4 is still developing and a 5 will produce new highs. C= .618 of A at 6.26 .
NG would have to get below 5.52 to write off new highs and confirm a longer term move down is resuming.
BUT if you are a producer levels like 5.93 and further out 6.00 might be worth scaling in at." and Tues . the 22nd, "The pullback went to 5.53 and the next leg up appears to be underway. Wave 5 = 1 at 6.07. "  

click to enlarge

It's a little early, but it could well be that there is now a complete count up from 4.157  for a C wave. That C wave is now .63 of the A wave, a significant Fib relationship that gives weight to the count being complete.  The alternative would be that this last leg up from 5.60 is only -1- of 5, so watching the fib. points on a retrace of same.

A .62 retrace of the ABC would take NG back to 3.78.

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