A few weeks ago I gave an update on Crude Oil and said that we had some evidence that a small corrective wave was beginning. That continues to play out and the levels that this current move down are likely to get to are ~$45.50 – $41.5 before the next impulsive wave up begins. This analysis is supported by both Elliot Wave and Ichimoku Cloud. When you get two different studies giving the same result, that is pretty powerful. I walk through both of these analysis’ in the video.
Natural Gas is continuing in the uptrend that I called out in the last update. Even though it took a pretty big hit today, 7/5/16, the overall trend is still very bullish and we are a long way from the ultimate recovery targets. This too is supported by both Elliot Wave and Ichimoku Cloud and is covered in the video. WMB looks like a nice trade to play Natural Gas with, if it gets above $22.25. If it does get above that level, then the first target for it is $29.07, in about 4-6 weeks, which would be a pretty nice trade.
So, Oil correcting a little and Natural Gas still heading up. I look forward to continuing the updates. Be sure and let me know if you have questions or comments. Thanks!
Dean Jenkins
MBA from the University of Washington. Dean is an expert in Technical Analysis, Money Management, Elliott Wave Analysis and founder of FollowMeTrades.com.
