Textbook Elliott Wave Rally In Natural Gas June28 2016 by Ron Feinstein New Wave Forecasting

Textbook Elliott Wave Rally In Natural Gas June28 2016 by Ron Feinstein New Wave Forecasting

The back bone of the Elliott Wave Principle as applied to forecasting markets is the five wave impulse sequence.  Sometimes we get lucky and I spot one.   These are the exact charts and posts my subscribers received in REAL TIME!
When I first assessed the situation it seemed only reasonable that the rising resistance line was going to come into play and may be the limiting factor to the five wave advance I was forecasting so this post went out at 7:30 AM CDT with prices at 2.835.  “There ought to be a pair of 3-4’s coming on the way to the next wave 5 top” with a broad target zone of 2.88-2.95.


















At about 9:50 prices were at 2.839  following a run up to 2.87.  I drilled down time frames and refined the road map a bit with an Elliott Channel but “the forecast remains the same-higher still”.


















At about 1:15 the market was trading 2.883 and I posted  “The market is overbought and it hit the rising resistance line so perhaps wave iii has peaked or might do so with a bull trap above 2.90.”  In addition “it is unlikely prices will trade below 2.82.”


















About 6:15 it seemed that everything was spot on and I shared “Ideally the small wave iv shakeout effort is now underway and might bear trap 2.85 prior to heading to a new high.”



















At 7:15 AM prices were trading 2.942 and I let out “The wave iv correction was a tiny triangle and if the location of wave 4 is correct we should be looking at the end of this run in front of tomorrow’s release. Falling below 2.895 would be the first indication of weakness.”






















A little over an hour later at 8:45 after the market fell I called the top “but to confirm the move complete will be a breach of the wave 3 peak at 2.81 which might be a bit of a reach today.”.


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