Tuesday, June 22, 2010

Natural Gas .618 retrace

NG has of course run into trouble at the .618 retrace of this year's high to this year's low.
 click to enlarge and sharpen
Note the RSI divergence and MACD rolling over and about to cross over.
I believe that there are 2 series of abc, x's up from the lows completing  a corrective structure up within a corrective structure down from 6.11.

Shorter term the most recent structure up over the last month beginning May 24 looks done.
An overlap of 4.615 ought to confirm that.




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