Showing posts from July, 2012

Natural Gas Hits Target

From the preceding June 28 post; "This move up is structured in abc's, not unexpectedly. It may be nearing completion with y=w around 3.05 and currently looking a little overbought. Daily  click to enlarge Note the negative divergence on the RSI and MACD.  And  from the  May 1 Natural Gas Catches a Bid " If the leg down from 5.00 is a complete 5 count, then a .382 retrace to 3.09 would be a modest expectation, EVEN IF this is merely a corrective upswing."  Weekly  click to enlarge  Of interest is that the 1.90 low x 1.618= 3.06   Is that it ? Are fresh sub 1.90 lows next on the horizon? Maybe but there is a pretty good chance of an X wave or abc down of greater degree to be followed by further upside. That 1.90 low is of significant long term importance.   Also from the May 1 post;   "there is reasonable doubt that this (move up) is corrective; again see  Natural Gas Hits Long Term Target Note the weekly RSI and MACD h