Good Evening,
Referring to my previous post on NATURAL GAS: MID TO LONG TERM CHART FOR NATURAL GAS
I wrote this first piece under commodity segment on 29th June 2016, since then NATURAL GAS was trending down but that as per the wave structure looked more like a 4th wave decline in the ongoing uptrend, making room for another new high above $2.888. Though it went down till $2.5 which happened to be in the zone of previous 4th wave low of preceding impulse wave.
NATURAL GAS as i write this blog, is trading at $3.274 and has reached a very stiff resistance zone.
Again selling here can be done from CMP till $3.4 - $3.6 zone. Take strict SL of $3.6 for the same downtrend target of $1.3 to $1.0, the timeframe for the same will be 6 months to 1 year.
This is a positional trade. In INR terms it is currently at 218. Selling can be done here with a strict SL of 225 on closing basis and target can be the corresponding $ terms.
I have attached the updated chart with the detailed wave counts from 4.C.4 till 4.C.5 (ongoing) for your reference.
Hope this chart gives a decent logic for people who practice trades on elliott wave and setting up a selling position with STRICT SL and a positional target on downside.
The last call given gave good 30 odd points from sell given at INR 201 till INR 169.
Advising people to book regular profits on the downside in this whole journey towards $1-$1.3
Happy Trading !
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