Natural Gas At Support - Elliott wave analysis

Hi traders,

Looking at natural gas, we are still tracking a correction in wave (4). Currently it is trading at 2.4 support level, which can be first potential turning point zone, however, in case of a deeper corrective W-X-Y, price can retest 38.2 Fibo. retracement and the base channel line (2.2 area), where support can also be seen.

Nota

Wave Y of (4) now underway with a three-wave structure of a lesser degree; possible support is at 2.3/2.2 level.

Nota

Natural gas started turning from the Fib. ratio of 0.50, and from the upper trendline support, suggesting a completed correction, and a bullish turn. That said, we still want to see a break in impulsive fashion above the upper corrective channel line for bulls to be in play.

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