Friday, November 14, 2014

Natural Gas .618 Retrace and Targets Higher

Yup, that ole Elliott .618 retrace back in the news.
Here's the looked for pullback and whether it pivots from here or the .76 retrace at $3.80 it's presenting a nice entry ahead of winter.
Daily
click to enlarge

The thrust up from 3.56 traveled .98 and counts as a 1 up of course.
The pullback is likely a 2 back and they can be deep.
Note the gap is closed perfectly at 3.96.

The next leg up , the 3, can easily be 1.618 of the 1 which targets 5.55
Even if it's a "c" wave and is equal to the "a", it targets 4.94 from here, taking out the previous high at 4.89.


No comments:

Post a Comment