Friday, September 24, 2010

Natural Gas Elliott Update

Natural Gas Update presented a pretty good description of where we WERE and the potential outcomes:
"The big Q here is whether this is another X wave down, finding support at the .76 retrace,  to be followed by a Z structure up, or did it  finish up at the 4.144 level, and is now headed for new lows?
Turns out it was an X.
 click to enlarge
The Y structure was 1.74 of the  W, and the Z structure was .74 of the Y.
Assuming that that IS the Z and NOT some b wave within the X , expect to see the lows taken out and longer term targets 3.28 and 2.95 ( the .76 retrace and the c=a respectively) come into play.
However given the history for seasonal lows at this time of year any new low under 3.69 that is looking kinda complete should be all one is looking for. The last 35 cents let the other guy have.


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