In looking at these extensions up in NG, I think it's trying for a price target of 3.453. Supportive of this is - 1. It's the 3.618 extension for the (c) wave, a common fib for NG, as shown on the 60 minute chart; 2. It's slightly over the .786 retrace, which I've noticed that NG does a lot - spikes just over the .786; 3. It lines up as a spike just over where the (Y) wave is 1.382 x the (W) wave; and 4. The overall 1.382 for the larger (Y) wave lines up spot on the overall .886 retrace level.
If this is correct, the c-wave down will be incredibly fast and furious - perhaps even moreso than this most recent move up has been. Take a look a the preceding a-wave, where the drop that occurred took NG from 3.668 down to 2.533, or 1.14, which is a 31% drop in value in only 17-days.
If this count is correct, I would expect NG to top most likely this week, and to complete a move down to 1.88 fairly quickly. It will take longer than the a-wave, as the c-wave will have one more set of 4/5's.
I am aligned with Brians comments below copied from his thread in NG.
In looking at these extensions up in NG, I think it's trying for a price target of 3.453. Supportive of this is - 1. It's the 3.618 extension for the (c) wave, a common fib for NG, as shown on the 60 minute chart; 2. It's slightly over the .786 retrace, which I've noticed that NG does a lot - spikes just over the .786; 3. It lines up as a spike just over where the (Y) wave is 1.382 x the (W) wave; and 4. The overall 1.382 for the larger (Y) wave lines up spot on the overall .886 retrace level.
If this is correct, the c-wave down will be incredibly fast and furious - perhaps even moreso than this most recent move up has been. Take a look a the preceding a-wave, where the drop that occurred took NG from 3.668 down to 2.533, or 1.14, which is a 31% drop in value in only 17-days.
If this count is correct, I would expect NG to top most likely this week, and to complete a move down to 1.88 fairly quickly. It will take longer than the a-wave, as the c-wave will have one more set of 4/5's.
