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Saturday, May 4, 2013

Elliott Wave Analysis Natural Gas

The past weeks reversal i suspect has finally marked an important peak and over the course of the following week ahead i am expecting a significant move lower on NG.

Currently we can label a small 5 wave decline from the last swing high, so a small bounce could be seen the early part of next week, as long as any bounce is a corrective move in 3 waves, that should offer traders the chance to sell this market as i suspect it will set up a 3rd wave which will be a very profitable wave to trade.

The advance over the the past 12 months is a corrective looking move, so argues strongly for the move to be completely retraced over the months ahead.

Target under $3.20