Thursday, January 14, 2010

Natural Gas Update



 click to enlarge

Not an impulse wave in sight ......but that is what might be expected here.
From Jan 8 ,"The structure down will have to be closely observed;  prob. another abc, with no new lows under 2..40, targeting some Fib retrace ie .618 at 3.82. That  spot month 2.40 low was an 85 % retrace of 15.78 and ending an ABC down that took years to complete. This little abc up is too abbreviated to correct that."

However THIS little move down is far to shallow to correct for a $3.71 move up from 2.40....yet there is certainly short term upside potential left in this bounce, ie 5.81, the .618 retrace.
Could be we get a very choppy structure down.


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