Mizuki32
Long

NGAS: Possible corrective waves

FX:NGAS   Natural Gas (Henry Hub)
353 6 7
We are still in strong bearish market since Feb. 2014 top.
Ongoing rally would be due to corrective pullback by wave {iv} from EW analysis.
As for the pattern of the wave {iv}, there are two possible scenarios I have.

#scenario1: wave {iv} is forming a contracting triangle.
- Price action tends to be sideways, many short-term tradings are necessary.
- Wave a in zigzag (c) looks like a leading diagonal.
- I would like to wait for pullback to 1.7~1.9 level to ride wave c.

#scenario2: wave {iv} is forming a expanded flat.
- It is good strategy to look for long opportunity in a similar way to scenario1.
- Profit target can be reasonably estimated from Fibonacci clusters scheme.
*) Fib extension: (c)=1.618(a).
*) Fib retracement: {iv}=0.382{iii}.

My long-term target is around $1.05, which is lowest price hit at Dec. 1998.
Source data can be obtained from U.S. Energy Information Administration site: https://www.eia.gov/dnav/ng/hist/rngwhhdd.htm

Thank you for reading my analysis. Good luck! ;)
aibek
7 months ago
Nice chart! Careful analysis!
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Mizuki32 aibek
7 months ago
Thank you :)
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Ichimoku_Trader
7 months ago
I love your charts. Clean and clear

Very nice

Thank you
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Mizuki32 Ichimoku_Trader
7 months ago
You're welcome :)
Reply
On the way down now.
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Mizuki32 QuantitativeExhaustion
4 months ago
Thank you for your comment, sir :)
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