Monday, February 22, 2010

Natural Gas Count

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The extension of this move down from 5.16 and the cleanly structured wave count , with almost no overlaps, clearly identifies it as a resumption of the down move. At 5.91 the wave labeled -3- is 1.78 of -1-.  A -4-th  wave to either the .382 or .50 retrace could be looked for from here. 
Longer term,  the initial wave out of the previous corrective structure looks incomplete here, suggesting lower lows prior to any extended consolidations. That eventual  " a " will likely followed by another "c" down, easily measuring to 4.50.

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