Thursday, October 7, 2010

Natural Gas End Zone

From Fri. Sept 24  Natural Gas Elliott Update ,
"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  looks kinda complete, should be all one is looking for."
From Thur. Sept. 30 Natural Gas 
"Still true, though it's getting rather late in the window for a seasonal low. "
Anywhere under 3.60 would look just about perfect.
So it looks like we are fast approaching the aforementioned End Zone...
NOT a time to be initiating shorts. In fact profit taking and preparing for the long play is the order for the day.
"An average rally of 115% up from 3.30 would take to it to 7.09, the .382 retrace of the 13.70 to 2.40 level is at 6.72, and an abc up equal to last years from 2.40 to 6.11 , targets 7.01 beginning from 3.30." see 
Natural Gas /Seasonal Lows

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