Need a natty bounce?
Updated
Followers know i've been tracking a diagonal to potentially end the decline in natural gas. This diagonal is still very much intact and may be close to resolution. As you can see c=a in purple will likely tag the lower trend line of this diagonal which is also a key fib in the larger move. The bounce we get from this area will be suspect unless we get well above the red 4 area on the chart. Resistance here could very well send us to new lows below 2.0 and potentially a major buying opportunity at that time. Also note the potential for the decline in purple to be an impulsive 1,2 count which could potentially send us immediately lower; but this seems unlikely given the fairly established diagonal abc structure thus far.
Note
close up without momentum indicators taking up 1/3 of the screen Note
looking closely at the drop from todays report spike (B), we may just fall shy of the target before we rally Note
we're here, this is C = A, we can always extend a bit lower towards A x 1.382, lets see how we bounce Note
a little less thrilled with the idea at the moment as we have under thrown the diagonal, but only slightly so far Note
but the micro count does work well for the end of a C wave provided that this holds up, if we fall much further then i will abandon this idea until the pattern clears up further, presumably the purple 1,2 count would be the first one to track to a potential bottom (which really shouldnt be too far away depending on your comfort levels) Note
the bad news is we went lower and ruined the diagonal, the good news is that the larger structure now allows for higher, likely over 3.0 this winter in a more direct fashion which i may explain in another post, in the meantime bulls should take heart that this count with the standard fib extensions will likely mark the LOW and a major reversal point and the worst is just about behind us Note
and seconds after the last post it immediately extended to the 2.618 extension lol, the bounce from there is impressive but could still just be a 4th wave 
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