Natural Gas Targets New Highs

First of all please see  Natural Gas Headed for Lows from Sept 4
It completely describes all the action in Nat Gas since that date.

In it I state, " Yes, new lows are likely and will offer a superb buying opportunity"
and "fresh lows ARE likely, but considering the seasonal factors and Elliott support not by very much.. $3.65 to $3.55 MAYBE."

Weekly

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Another abc pattern up, which sure looks like it's underway, projects to what?

The last abc went from the late 2012 print of 3.05 to the high of 6.55 for a move of 3.50. An equal leg targets around 7.05, a new high.

On a wildly optimistic note; the last abc was 1.64 x the preceding abc up from 1.90 to 4.00.

If the pattern is repeated that targets 9.13.

A 50 % retrace of 15.78 to 1.90 is at 8.84.

Shorter term it's looking a little overdone.

Daily

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And if this thrust up is a 1, then the 2 could carry back down to retest the 4.02/ gap level,

as the 50% and .612 respectively, fall in there.

However there is some chance of slightly higher highs prior to a pullback and 

the .382 retrace of the move down from 6.50 to 3.53 hits around 4.65 as resistance.