The itsy bitsy spider climbed up the waterspout.
Down came the rain
And washed the spider out.
Out came the sun
And dried up all the rain
And the itsy bitsy spider climbed up the spout again.
Everybody knows this nursery rhyme, but for us, the lyrics go like this:
Itsy bitsy NatGas climbed up to the green span
Down came the rain
And with it NatGas ran.
Out came the sun
And dried up all the rain
And itsy bitsy NatGas started to climb again.
Or in other words: NatGas has risen up to the bottom of the green zone between $5.579 and $5.811 to finish wave 5 in green and wave i in orange. From there, it fell down dramatically until the bottom of the orange zone between $4.464 and $3.982, where it completed wave ii in orange. However, NatGas has already started to climb up again and has made it above the orange zone so far. We expect it to continue its ascent until the resistance line at $6.466 and to soar higher still. To implement our primary scenario though, NatGas must not fall below $3.536, otherwise it would drop further. We have estimated a 40% chance that this could happen.
Down came the rain
And washed the spider out.
Out came the sun
And dried up all the rain
And the itsy bitsy spider climbed up the spout again.
Everybody knows this nursery rhyme, but for us, the lyrics go like this:
Itsy bitsy NatGas climbed up to the green span
Down came the rain
And with it NatGas ran.
Out came the sun
And dried up all the rain
And itsy bitsy NatGas started to climb again.
Or in other words: NatGas has risen up to the bottom of the green zone between $5.579 and $5.811 to finish wave 5 in green and wave i in orange. From there, it fell down dramatically until the bottom of the orange zone between $4.464 and $3.982, where it completed wave ii in orange. However, NatGas has already started to climb up again and has made it above the orange zone so far. We expect it to continue its ascent until the resistance line at $6.466 and to soar higher still. To implement our primary scenario though, NatGas must not fall below $3.536, otherwise it would drop further. We have estimated a 40% chance that this could happen.
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🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.