Wednesday, January 20, 2010

Natural Gas Consolidation

Screaming sideways, every narrower range...NOT an impulse wave. Whether it dumps from here or test's the high of the range, there is a HIGH likelihood of an eventual move to new lows from this formation. 

click to enlarge
In general this kind of choppy action is to be expected with this structure down. Would not be surprised to see it last through the shoulder period accompanied by a decrease in volatility as it makes it's way toward 4.00 / 3.50.

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