NATURALGAS - Corrective Rise in action?

8 Jul

TF: 120 minutes

Primary View is that the first leg of correction from 4.2170 has ended at 3.2983 in a 5 wave impulse on the downside and the price is moving higher (in corrective rise) to complete the B wave.

Internal counts are marked in this chart.

The ALT view is that, the A wave isn't complete yet and we are at the last leg of the A wave (by forming an abcde diagonal) and make one more low and then move up (This view negates if we trade above 3.5745)

Chart for this ALT view is here



In either case, A FVG (Fair Value GAP) is left at 3.9 and the price could potentially test that zone before resuming the move on the downside.

For the Primary view (Bullish bias C of B in play), SL is at 3.386

Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.

10 Jul

Catatan

Price has followed the Alt count and went below the support lines..

Now the price climbed back up and forming a WolfeWave set up..

The very nature of the Wolfe Wave set up is that the 5 will break the trendline and go lower and then comes back inside the trendline.

The set up is active for now.. BUT.. the resistance at 3.33 levels looks strong and might push the prices down..

marked both the possibilities/paths in this chart copied below

11 Jul

Catatan

The Wolfe Wave set up fared well.. and the breakout looks promising..

The price is now trading between 2 FVGs..

One at the lower end and the other at the higher levels.. lets see how the price moves in this context..

14 Jul

Catatan

Fair Value GAPs at play here.. and a larger retracement is also a probability..

50-60% fib levels of this entire fall are at 3.68 and 3.82

16 Jul

Trade aktif

ONE FVG is done.. the one at 3.85 is still open.. for now profit booking at this zone is prudent.. thats what is happening currently..

21 Jul

Catatan

The B wave rise stopped/halted at the first FVG (at around 50% fib retracement of the first impulse down)..

And then resumed the downtrend..

This downtrend, if continues as expected (I hope it does).. it will be the C wave down.. impulsive in nature (like 3rd wave)