With its recent high, the Natgas price should have established the high of the blue wave (iii) and is now in an intermediate correction of the blue wave (iv). We have already drawn a target zone between $3.02 and $2.90 where the price should now dip deeper and reverse. Following the low of this move, it should then go beyond $4 again before the magenta wave iv is completed. However, there is also a 25% probable alternative, which already places the price in the last leg of the white wave alt. (c). In this context, the price would fall below the support level at $2.23.