NatGas appears to be starting a wave c of an a-b-c move.
This pattern is the favored pattern so long as price remains above 3.72.
The August 12, 2014 move lower was a 3 wave move where red wave 'c' was nearly equal to red wave 'a'. This suggests the whole pattern is likely to be retraced meaning prices visit 4.03.
Additionally, the equal wave pattern appears to be maroon wave 'B' of a larger A-B-C pattern. There is enough upside potential that this trade offers a compelling risk:reward ratio.
Risk is placed just below the recent swing low and target 4.03.
This pattern is the favored pattern so long as price remains above 3.72.
The August 12, 2014 move lower was a 3 wave move where red wave 'c' was nearly equal to red wave 'a'. This suggests the whole pattern is likely to be retraced meaning prices visit 4.03.
Additionally, the equal wave pattern appears to be maroon wave 'B' of a larger A-B-C pattern. There is enough upside potential that this trade offers a compelling risk:reward ratio.
Risk is placed just below the recent swing low and target 4.03.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress