ChrisMark

$NatGas Daily Chart. Hi-Prob. Reversal, Eyes $3.38 | #naturalgas

OANDA:NATGASUSD   Natural Gas
Traders,

Natural Gas             has bounced from $1.574 since 03.10.2016 and developed into a five-wave sequence terminating at $3.846 exactly where fib price measurements were converging, highlighting the end of the impulsive wave.

Measuring the internal waves of this sequence, it turns out that its fifth wave is extended. That can be confirmed even from the ensuing (a) – (b) – (c) correction making a sharp Zig-Zag founding support at the level of the low of wave two of the extension, which is common after 5th wave extensions, indicating dramatic reversal ahead.
However, the correction was not over, again price has since developed into a corrective structure where minor degree (x) wave is possibly developing into a Regular Flat pattern. The last c. wave to complete the pattern has started unfolding and it must also subdivide into a five-wave pattern, which is actually possible. In this case, it would commonly end at minute wave’s b origin ($3.38).

After this upside target has been tested, await a reversal signature to confirm the resumption of the larger downtrend with a Zig-Zag , to complete the double Zig-Zag pattern with minimum $2.378 as a downside target.

We will be waiting to witness a five-wave price event on an inter-hourly chart to the downside from that high ($3.38) to validate that the downtrend is in place.

Thanks for your attention
Trade with Discipline
Best
Kommentar: Developing that 5-wave sequence we were looking for
Kommentar: Probably this week we will hit the target ($3.380)
Kommentar: Price reached the determined target, slightly broke the top and rejected aferwards. Are we going to witness a reversal? Monitoring price
Kommentar: Great price rejection.
Kommentar: Pirce responded lower after the breakup and has been declining since. Heading for $2.5, previous low.
Kommentar: Getting closer to previous low
Kommentar: Consolidating. Watch for more downside.
very professional looking chart!
Your reversal point is also my target :)
Had a similar view on the Weekly like you.
Are you interested in the upside till the 3.38?
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"Nice Post Thanks"
+1 Antworten
ChrisMark jeffreyjim
Thank you @jeffreyjim
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