Elliott Wave Analysis of Natural Gas Nymex
10 October 2011
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About ten days ago I posted an hourly chart of NYMEX Natural Gas, and suggested that perhaps we were unfolding in a diagonal triangle. I also went out of the way to suggest that it was unlikely that we were in the middle of a ‘third of a third’ wave because typically such a position would require a fast paced sell off. To put it mildly, that was two mistakes in one post! Prices have continued to edge lower, and the bearishness is only getting more pronounced. While there are still some valid arguments against the 3rd of 3rd count, in the spirit of what WaveTimes has long stood for, ie what matters is not your count, but whether you were right in the direction, I have to concede that I got it wrong this time. | |
Want to go further with natural gas? The corrections chapters of Five Waves to Financial Freedom, which use commodity examples just like this one walks through it with real trades and real numbers, not textbook theory.