Monthly Archives: February 2016

Natural Gas

As shown on the N.G. daily chart below, a countertrend rally in Minor-degree wave C would trace out Intermediate wave (4) as a flat correction in three waves.

Accordance with the Elliott Wave Principle, in a “flat” correction:

  • Wave B usually retrace between 100 and 138 percent of wave A.
  • Wave C is usually between 100 and 165 percent as long as wave A.
  • Wave C usually ends beyond the end of wave A.

Natural Gas - Daily

Natural Gas

After extended Intermediate wave (3), the price is correcting in Intermediate wave (4) which would likely tracing out a three-wave as a flat correction.

Based upon this wave count, an impending countertrend rally in third wave of the wave (4) is anticipated.

The wave (4) will eventually result in a final decline as the wave (5) of Primary wave ((C)).

Natural Gas - Weekly

Gold

The Gold’s volatility in Minor-degree fourth wave, which started on February 11, would likely surround the 2.2%. ( in ongoing wave ((d)) up and following wave ((e)) down by mid-March.)

The expected target in this week is 1250.8, as the Minute wave ((d)) extreme.

Gold - Intraday

Crude Oil

Oil may still remain in the process of correcting in sideways, as long as hold under 34.82. Any break of this level would negate a running triangle as the fourth wave developing, since its wave c cannot move beyond the wave a extreme.

Based upon this wave count, the sideways developing will result in resuming decline of Minute-degree fifth wave.

Crude Oil - daily

DX

Sideways Developing :

Today is the first strong rally day in Dollar Index in the last month, that would raise confidence that Minor wave D advance is underway.

As noted in the prior posts, Intermediate wave (4) would develop in sideways over the months ahead. With respect to a triangle correction as the fourth wave, its Minor waves A and B are complete, wave C could have completed too, wave D up is ongoing, and wave E down/sideways will lie ahead.

DX - daily

EURUSD

Sideways Developing :

As shown on this daily chart, Euro should remain in the process of correcting in triangle wave (B) over the coming months.

With respect to the triangle correction as Intermediate wave (B), its Minor waves A, B and C are complete, wave D down is falling now, and wave E up would lie ahead.

The current decline in Minor wave D will likely achieve the Fibo 0.618 expansion level at 1.06468. (wave D = 0.618 wave B, a common relationship between the same direction subwaves of a triangle.)

EURUSD - daily

Gold

Bullish Outlook :

The Gold’s volatility should continue in the 50 points range over the coming weeks, and the trading range would contract around 1219.3.

The price volatility will be counted as Minor wave 4, which is prior to advance in the same degree fifth wave of (A).  (As noted in the recent post, Intermediate wave (A) would achieve the origin of the expanding diagonal at 1307.8.)

Gold - daily

Crude Oil

This week, 8.8% decline of Oil indicates the fourth-wave of its triangle wave (iv) is falling now (wave d, which is prior its same degree wave e up).

The decline of wave d would achieve the Fibo 0.618 expansion level at 28.11. (wave d = 0.618 wave b, a common relationship between the same direction subwaves of a triangle.)

Note : The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing the triangle’s extreme.

Crude Oil - daily