Thursday, June 2, 2011

Natural Gas Update

Been awhile.
NG is finally taking out the downward sloping trend lines that have defined the market structure for the last 18 months.
daily
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weekly
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I believe the low on May 20 of 4.077 was the end of the 18 month choppy, complex B wave down.
The next series of abc's will equal the 1st series up @ 7.80 (roughly).
The 50% retrace of the 13.70 to 2.40 C wave is @ 8.10.
The .382 retrace of 15.78 to 2.40 is @ 7.48
Hourly
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The natty was hardy damaged by the viscous sell off in crude and the SP's.
Let's see if it can gain momentum on a settle over those trend lines.

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