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Nat Gas - Classic patterns vs Elliott Wave
We can make the case for this being a rising Wedge Pattern or in terms of the Wave Principle, an Ending Diagonal fifth wave.
Looking at the Wedge pattern, there's nothing wrong here and we can short if price goes outside the pattern.
But there are two problems with this view according to the wave Principle :
1) Wave 4 did not enter wave 1 territory altough this can happen on rare occasions.
2) Proportions wise, wave 3 is bigger than wave 1 which is possible in case we have an Expanding Diagonal but because wave 4 is smaller than wave 2 here, I don't think that's the case.
This then leaves us with the Extended fifth wave possibility I talked about on the last update.
We can therefore expect something similar to this or possibly even much higher prices than 4.00 if it really starts to get extended.
Looking at the Wedge pattern, there's nothing wrong here and we can short if price goes outside the pattern.
But there are two problems with this view according to the wave Principle :
1) Wave 4 did not enter wave 1 territory altough this can happen on rare occasions.
2) Proportions wise, wave 3 is bigger than wave 1 which is possible in case we have an Expanding Diagonal but because wave 4 is smaller than wave 2 here, I don't think that's the case.
This then leaves us with the Extended fifth wave possibility I talked about on the last update.
We can therefore expect something similar to this or possibly even much higher prices than 4.00 if it really starts to get extended.
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