Nice five waves down and now contra-trend rally on Natural gas.
Price moving into Fib resistance @ $7.5-$8
Price moving into Fib resistance @ $7.5-$8
Comment:
As expected, Natural gas is in sharp and impulsive bearish continuation within wave (C) towards 3.5 - 2.0 support zone after we noticed a three-wave A-B-C correction in wave (B). So, after broken channel support line, we can easily expect more weakness, just watch out for short-term intraday pullbacks.
Price stops at resistance, now threatens the lower trend line. Expecting a break this month.