John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (9368)	5/8/2008 6:45:16 PM
From: ajtj99	Read Replies (1) of 33421

John, when you consider waves can sub-divide (see Nasdaq 1999), it really is a better bet to just follow the parabolic arc and wait for it to flatten out when you have an issue like the WTIC. One thing you may find helpful is the ADX-14 on the daily WTIC chart. Peaks in price have occured when the -d line drops between the 5 and 10 range on that indicator. Typically we've seen re-tests of the highs shortly afterwards with the same indicator testing the 10 area, making a negative divergence on that indicator. I think this could be a useful method for watching for pivot high in the daily chart. Oh, there is also a "mirror" pattern on the weekly RSI-14 that suggests it will reach the 82 area, which is another thing to watch on the WTIC. The WTIC and Natural Gas appear to be running hand in hand. The Natural Gas continuous contract peak at around $15.52 in Dec. 2005 may be a good place to use as a proxy for a high in the WTIC as well. If Natgas gets above that, it could run to $20 pretty easily. The monthly tells the story on that chart real well.

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