1. Natural Gas - great call by EWI. Enter after a 3W rally for a 3rd of a 3rd of a 3rd. Could make my year in 1 week. Watch the reaction off the gap fill. EWI's expanding DT allows a 4th overlap of the 1st. Their labeling, not mine.
2. Sugar - looked like the initial decline off the Fibo for wave C started today. Need a complete 5 down then a correction, then sell hard with both fists. Never fails, soon as Bloomberg runs a story about how much something is going up, it goes down. The story this weekend was about shipments of Sugar couldn't get out of South America because of this and that. Should have shorted Monday AM as soon as the market opened.
3. Coffee - looks like reversal started today. Good short coming up - 5 down, 3 up, sell.
4. Copper - scratch trade for now. Went though resistance like hot knife through butter. But, I still don't trust it yet. We will see tomorrow. It's too risky for me to buy up here so will pass unless a nice entry shows up.
So, the 1st 3 markets above showed their hand today it seems. Need some completed 5 wave patterns, corrections up, and then let's make some fast money.
4. Copper - scratch trade for now. Went though resistance like hot knife through butter. But, I still don't trust it yet. We will see tomorrow. It's too risky for me to buy up here so will pass unless a nice entry shows up.
So, the 1st 3 markets above showed their hand today it seems. Need some completed 5 wave patterns, corrections up, and then let's make some fast money.
2 comments:
did you take the NG short at today's high? I missed it. That was a classic retracement to top of prior 4th wave and just beyond 50 percent. But the form didn't look right. Looks to me like that move up was only the A wave. However, the move down since then looks impulsive, so doesn't look like a B wave. Now I am thinking that the move up could have been the entire correction since it fulfilled the price requirement.
What's your take? Does the retracement look complete to you? If you went short, it looks like you're in a great trade!
It looks like a 4th to me. I am waiting on a 61.8% retracement to feel comfortable about shorting quite yet. I'm seeing divergences in price and RSI now on the hour and 15 warning this last sell off was/is a 5th, love to see one more push down to complete. Looking at the chart from across the room it looks like a beautiful 5 wave text book motive. Now a 3 wave rally would be great and a low risk trade would be next. It usually isn't that easy so I'm watching out for tricks.
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