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Friday, August 12, 2011

Intermediate term energy update

Here are updated intermediate degree counts for oil and natural gas.

I realized that these two issues are much easier to interpret on log scale.

USO appears to be in the early stages of (C) down.  
UNG on the other hand is still in its initial downtrend.  While I can see a five wave count in there with a fifth wave extension, we managed to take out that wave 5 low already.  That means the price action on the hard right edge is not a second wave.  That could mean an expanded flat, we'll have to wait and see.

Posted by Waverunner (FractalTrader) at 6:21 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))