Tuesday, April 13, 2010

Natural Gas Update

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."
 click to enlarge
The jury is still out. The above pattern might be merely a minor correction to the trend down with the c=.45 of a. 
On the other hand , that c is somewhat truncated, and the 3.82 fib. .618 is right on and significant support.
Certainly taking that out would be negative.

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