A-B-C-D correction, can we get wave E which would be around the $5 mark. I think we will. Buying dips would be our strategy.
Remember, you don't have to leverage big to win big......Some of the greatest traders use almost no leverage when trading....
-TRADEPLICITY
If NG falls in the zone 2.785-2.800 -there it will retrace 38.2% & shall be ready for another up leg in the zone 3.105-3.150 target zone in final tranche.
Inverse head and shoulders has been forming for some time. Getting close to completion of right shoulder now & a break of the neckline around $3 would open up a potentially bigger move up.
Follow up from previous NG post- NG to move in 3.100 to 3.150 zone.. Internally "v?" -wave is divided into five waves of itself.
In this move we captured above 2.590 to 2.825
where 3rd wave moved exactly 161.8% of the 1st wave which comes at 2.850. High was 2.850. If the count is correct - allow retracement in 4th wave in the zone 2.745 - where it shall...
Missed this rally. Saw the possibility but didn't like the probability.
Trade ideas: A corrective pullback in wave (ii) holding support would be an aggressive entry. An impulsive i-ii setup off the (ii) is safer ( better defined stop). Taking out the presumed coming wave (i) high is safest with stop below wave (ii).
As per last update - Natural Gas to move in the zone 3.100-3.150 -
Awesome - we started moving. Currently Trading at 2.770- Just Take Care that falling trendline could halt this move so it is advisable to book profits close to the trendline & wait for further action- if trendline is pierced by NG then one can hold their longs or add new longs only above 2.910...
Natural Gas is going through a shallow sideways correction that should end soon with price resuming its upside trend. Price target is at 3.4690. www.thechartwizard.com
Green count looks busted. Purple/pink count looks low probability. I'm on the sidelines waiting for a decent set-up to trade against. Either a bounce off the lower green 2 target or perhaps pink (ii) after 5-up for wave (i). Open to other ideas if you have them. Nasty corrective slop is what I see at the moment.
Cup and handle formation on longer term time frames is one of my favorite setups and very high probability. One of the biggest trades we have had this year is the Cup and handle setup we posted a while back on Silver.
We are seeing the same formation setup on Nat Gas and there are two ways to trade this setup....
1....To buy the dips in the handle formation...
