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No that's my new average, I bought the dip and added to what I had this morning.
NG is currently targeting 2.788 as support.
Nat Gas, I think wave 1 of 5 may be done, $2.788-2.772 is the idea support area for wave 2. This will also be the place I add my largest position for the 3rd wave run.
Please pay attention to this. It may very well be the most important bit of information I've posted concerning my EW play. Please ask questions if you don't understand.
My new DWTI average is $57.16
I'm still looking higher that's about the best I can do right now, more to follow.
I'm shorting this rally
SB I've been fighting with gold for almost 1 1/2 years and have almost given up at least 10 times but I've never been more confident than I am now. Not sure if you remember what I said about correlations but I have a different perspective since I started using EWs. This has been the first time I've seen actual proof that correlations and bullshit and I wholehearted believe that now. They work great when they work but they're not a given and if you choose to hang your hat on them when they're not in fashion it can be very painful and this I can say speaking from experience.
NG over 2.80
I've been saying $95-$92 for the bottom of this pullback but in all honestly didn't really think $92 was probable.
I had $94.26 as my 1st target
Any thoughts on the dollar?
Ok I think you guys know where I'm at with Oil and Nat Gas.
NG over 2.804 could mean 2.90-2.95 is next IMO.
I haven't worked up a DWTI chart but I'll do one this morning. I plan on holding this as long as possible
Yeah I do believe the better play is on the short side for now. We did pretty well catching it the bottom but I have no reason to think it won't hit my lower target area. Let me see if I can post some of our charts tracking CL and why I think lower. Good Luck.
Scottrade
I can trade from 6AM EST
Just about to call a top in oil, DWTI will be the play IMO.
Nat Gas, as long as 2.739 holds $2.90 is next IMO.
Long DWTI at $58.16
Nat Gas trades up off off either unusually warm or cold weather.
Questions?
Glad I could help, lol....
For those of you either long or short oil I believe the chances of a top being in and one more high are about 50-50. Until we break 57.80 higher is still on the table. Once that gets broken you can bet it's start accelerating downward.
The MADC looks great and RXII looks ready for a moon shot IMO. Not just saying that either this looks good and I even consider adding before the close but have way too many plays under $1 on the books right now. Good Luck, I'm still holding if that matters at all.
Questions?
Great day EST, I hope everyone did well. I don't see any of the commodities that are in danger or not doing what we think they're gonna do. ES closing over 2100 is good for the market and IBB is headed up to $400 IMO which is good for the pharma's of course.