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January 18, 2006
Special update on Mch S&P
As I stated in my last commentary, Gann support was evident at 1285. You will not that on Tuesday, despite the move down to 1283.70, 1285 held on a closing basis as this contract closed at 1289.50. So long as that level holds on a closing basis, there remains the likelihood of my wave 5 target up to 1315 to 1330 – so keep the faith.
Special update on Feb N Gas
Energy Complex ?February Natural Gas: Yesterday the February contract spiked up to close above the 9.05 Gann line. I feel that this spike is the beginning of the corrective wave 4. If correct, then we should expect prices to carry up to the 11.15 to 11.35 are as I said in my commentary, before the onset of the final move down to new lows, wave 5. The same applies in the March contract where prices should extend up to 11.16 to 11.39. As an aside, the March contract extended right into its wave 3 target where as the Feb fell short. The purpose of this updated is to warn shorts to exit positions or at least take defensive measures to protect them.
