Thursday, February 18, 2010

Natural Gas Chop

Directionally, this level will very likely be seen again in the next week, so take your pick, it's a free bet. Almost all of the Natural Gas posts of Jan. or Feb. call for a choppy sideways drift down characteristic of a B wave, with  an eventual target that is a Fib retrace of the 2.40 to 6.11 move. So far that has been the case and looks to continue. So another chop up cannot be ruled out shorter term.

However, even a very shallow .382 retrace on the spot mo. chart targets 4.69, and  a B wave pullback is more likely to be 50% or 62% . That targets 4.26 and 3.81 respectively.

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