NATGAS update for a friend …

NATGAS as of 11:52 EST 11/23/2015

  • note the red horizontal line – that is still just a little bit left of the gap that has not closed. it could go back down there to close it BUT price action from this level is promising.
    • also, note the 2.021 level at that is a target (1.618 extension)
  • RISK is a daily close below 1.949 for the larger time frame
    • RISK intraday is the low that was made at the .786 at 2.058.  NEED IT TO STAY ABOVE THERE.

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Moving forward believe 2.231-2.56 will act as resistance moving forward. for the bullish case to work – need to bust thru there. DO NOT EXPECT IT TO HAPPEN on the FIRST ATTEMPT.  IF it does THEN it’s strong.

 

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  • note the count that I am going with …
    • see the 3 waves to a top at (b)? that is a classic “b” wave and action after that top sure smells like a C wave. Thus, at 2 0r B if we are bullish then this level will hold and we should continue to start up.
      • two projection are near term targets only …. 2.383 and 2.589.
  • believe the 3.0 level is still possible but need to see price action at areas of resistance noted.

one last, a big picture look at the weekly/monthly so we don’t get to focused on the soda straw of intraday.

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so, we are at deeply oversold levels and a countertrend bounce is due.

hope this helps.

Bart

 

Natural Gas Mirror Image Foldback ($UNG)

so far, it’s been a very nice and symmetrical move in Natural Gas futures …

if (the big if) the mirror image is at play THEN either 1) here or 2) a little lower and we should see Natural Gas foldback up the blue arrow shown by the “we are here (?)” in the middle of the chart.

NOBODY believed me when we said BUY Silver at 8 and it could go to 48.  They didn’t believe me when they should take profit either…just PATTERNS folks.

So, if this is correct, Natural Gas is getting ready to explode.

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