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Something to watch if you are short NatGas here. NatGas broke my fork to the upside out of the recent low and just made a 50% retrace-ment into what appears to be a backtest of the fork.
Looking at the chart, it also appears to be a potential wave B down in an A, B, C countertrend rally out of the low. EW is not my strong suit, however, so any feedback is welcome.
As a subscriber to elliottwavetrader.net the current count attributes the high at 2.5 to be the top of wave C. The move down we are experiencing is believed to be too impulsive to be a B wave. They believe that this is part of a 5 wave move lower targeting under 2.0
I have a chart but do not know hot to post it.
B in ABC ? That’s what I’m thinking as well.
But I’ll need some evidence soon.
Oh, and the ABC is of a larger 4.
So eventually, I think we see the large 5 down to new lows.
That’s what CHK, FCG and my indicators seem to agree on.
Good chart.
Thanks Fella’s I appreciate it.
I’m with pedro_deleon and Surf City on this one. It looks like the B wave pullback of an ABC wave higher at a minimum. I actually thought that natgas put in a 3 year cycle low in December because of the long tail on the monthly chart as well as timing but am waiting for some more follow through.