Natural Gas X Wave

Natural has retraced 50% (roughly) of the preceding abc up, the Y, as expected. Please see Natural Gas Wave Count
 Active Mo Daily
 click to enlarge
As stated in the last NG post,  " I am thinking NG ends up with 3 series of abc's for the "z", but not without an intervening "x" down...
The last "x" wave  shown on the daily active mo. chart retraced 50% of the "w". A similar retrace of the "y" targets 4.35. (the ultimate high print on Sun evening was 10 cents higher making the 50% 4.45)
Of course this may unfold as merely a double zig zag up, with the next move down an X wave of greater degree allowing anything down to 3.28 really."
It has bounced but so far the move down has unfolded as 5 waves and it's too early to tell if the bounce is anything but a corrective 2 or b.
If we have an "x" wave at the 4.39 point, and eventually get another abc up for "z", it will equal .618 of "y" at 4.96.
Meantime watching the upswing to see if  Natty is able to clear the Fib retraces of the move down from 4.88, the 50% at 4.64 etc. the preceding Y wave took off after it cleared the .618 retrace.
Active Mo. Hourly
 click to enlarge


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate