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Thursday, April 19, 2012

Elliott wave on Natural Gas

Natural Gas - Is still trying to hammer out a bottom. If the above count is correct the maximum downside-target for wave v is 1.87. If wee exceed 1.87 wave iii will the smallest which is not allowed under the Elliott Wave Principle. However if 1.87 is taken out support stretching back to January 2002 will be found just below at 1.85 and at 1.76 we finds the next support stretching back to October 2001.
To get the first signal that a bottom might be in place we need a break above 2.03 and more importantly a break above 2.20, which will call for a rally towards at least 2.58, but longer term we should see a much bigger rally.

2 comments:

  1. sir no level no chart is working here jst ending down down n down, no hope, u have given first level to bottom out around 2.10 $ max then day after day levels getting revised.... today 1.87$ but here no lvl working...saddest part

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  2. sir, it is really great thing u r doing here by updating, but the thing is that nothing is working for nat gas

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