A more bullish alternate count is shown in the current snapshot below.
In order to have confidence in this alternate count I would like to see a gap up above the top rail in the next couple trading days. Without this the odds increase that the recent bottom was only 3 of 5 and that the real 5th could be sub $1 per the backlink model at the top of this post.
As I have reminded many times in these pages, commodities tend to extend the 5th wave per Frost and Prechter and nat gas has mos def been extending the 5th. But to those who think it will soon become free I can only point to things like the GLNCY bounce, the ENPH bounce and the SUNE bounce. In any eye blink all of these bottomed and then skyrocketed with SUNE doubling since my first post and ENPH moving from $1.60 to spike at $4.50 within 16 calendar days of the recent bottom.
The negative sentiment on commodities is so thick right now that you can cut it with a dull knife. Please don't mistake the current price of commodities with some kind of fundamental valuation. That is all a bunch of bullshit, especially when living with a fake, rubber band money supply where credit and debt can be added or removed by the market at any time. This volatility is a function of a corrupt, fake, fractionally reserved money supply and volatility cuts both ways.
2 comments:
NG futures up almost 5% tonight and stocks like CHK put in nice weekly hammers on Fri. I like the way Monday is shaping up ;)
Well I was looking for a gap up and maybe this will provide it.
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