Friday, May 21, 2010

Natural Gas

It's been awhile so:
Short and medium term the NG has got lower lows coming up. here's the count;
 June
click to enlarge

 Longer term, I have thought that the 2.40 low would hold, as an 85% pullback from 15.78, and an ABC down from there completed. There are measured moves to 3.22 as a Fib.78 retrace of the 2.40 to 6.11 structure up, and 2.96 as .85 retrace of same. 
And having said all that, looking at the long term charts, the move down from 6.11 sure looks like an impulse wave following a clear abc up from 2.40 to 6.11. It may be that the 2.40 gets taken out in this macro environment. The move down from 13.70 will equal the move down from 15.78 to 4.05 at 1.97. C=A at 1.97

So my count has gotten a little flexible.
BTW we have yet to put in new lows under my medium term support in older posts of 3.83, and we exceeded the short term target for the recent correction up at 4.42... by only .08.













No comments:

Post a Comment