Tuesday, August 28, 2012

Natural Gas: Elliott Wave Counts

Bottom Line: Elliott wave counts can be applied not only to widely known commodities but works very well even on less followed commodity like Natural Gas. Prices have been moving exactly as per the wave counts shown in the below chart.
To view wave counts of precious metals like Gold / Silver or base metal – Copper or Energy – Crude oil, subscribe to “The Commodity Waves” – a research report published on daily basis that shows Elliott wave counting on all of these asset classes and you also get to learn practical way of applied Elliott wave analysis.
MCX Natural Gas Daily chart:

MCX Natural Gas 60 mins chart:
Waves Analysis:
As shown above in daily chart of Natural Gas, prices have been completed impulsive 5 wave in the year 2009, thereafter since last three years (2010-2012) prices moved down in blue channel in a complex corrective pattern (w-x-y-x-z).
As per wave perspective, we might have completed the minute wave x of (b) of (B) and currently prices have started the next leg on downside in the form of minute wave z of (b) of (B).
From Medium term perspective, we are firmly bearish on this commodity. 180/185 will act as a strong resistance and 100/90 will act as good support.
In near term, any attempt on the upside will find strong resistance near 160 levels and eventually it should drift lower. Break of 150 will confirm the downtrend and prices could head lower towards 135/130 levels.
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