Elliott wave analysis of Natural Gas

Natural Gas

It has been some time since I have last looked at Nat. Gas, but I was asked to take a look at it Again, so here we go.

Please see my last post from June 9, here first: http://theelliottwavesufer.blogspot.dk/2013/06/elliott-wave-analysis-of-natural-gas.html

I'm still looking for a much higher rally towards 5.97 and possibly even higher. We are currently in a wave ii correction which could have ended with the test of 3.53, but we need a break above 4.04 to confirm that wave ii is indeed over and wave iii on its way higher towards 4.98 and my first target at 5.97.

To invalidate my Count it will take a break below support at 3.05. I don't expect that this decline will even come close to support at 3.05, but the unlikely event should happen and we break below 3.05, then we should look for support at 2.79.

Elliott wave analysis of Natural Gas

Natural Gas

Is currently at strong support and we should expect a new rally higher soon. We are at strong support and the next rally will be wave iii of 3 and should take us higher towards 5.97. Remember that I always expect wave iii to extend and at 5.97 wave iii will be 1.618 times longer than wave i of 3. If Things doesn't pan out as expected, when should we begin to worry? If we break below 3.57 it would not be the best of sings, but only a break below 3.05 will invalidated my bullish Count.

Elliott wave analysis of Natural Gas

Natural Gas

It has been quite a while since I have last written about Natural Gas. Please see my last post here:
http://theelliottwavesufer.blogspot.dk/2012/10/elliott-wave-analysis-of-eurusd-eurjpy_12.html

I have change my count to a double zig-zag, because of the overlapping structure. Even though I'm still looking for a move higher towards the 4.70 - 5.00 area once the ongoing wave B-correction is finished. This B-wave might already have finished at 3.27, but a break above 3.45 and more importantly 3.67 is need to confirm, that wave C higher towards 4.70 is developing.

The above scenario is my preferred count at this point, but there is an even more bullish alternative. This alternate count suggest that the entire structure from 1.99 to 4.00 is a leading diagonal as wave A or 1 and the ongoing correction wave B or 2, which will leave us with wave C or 3 once wave B is over. If we have seen a leading diagonal, then we will likely see a deeper correction towards at least 2.96 (50% retracement target) or even 2.71 (61.8% retracement target) before the next move higher.