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Friday, August 26, 2011

Natural Gas ETF grinding lower

UNG appears to be in a c wave down of subminuette degree.  The termination of c should complete minuette degree (b) of minute degree ((iv)) of minor degree 5 of intermediate degree (A) or (1).  Time will tell if minuette degree (b) is a simple a-b-c structure, or a triangle.  We'll assume the intermediate degree correction beginning in June 2008 is an (A) for now, which is the more bullish scenario.  Either way, we still need a minuette degree rally to complete minute degree ((iv)). That is really the only bullish thing I can say about natural gas right now, despite all the hoopla about the "Pickens Bill".


Posted by Waverunner (FractalTrader) at 1:41 PM

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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))