Followers know i've been tracking a diagonal to potentially end the decline in natural gas
. This diagonal is still very much intact and may be close to resolution. As you can see c=a in purple will likely tag the lower trend line
of this diagonal which is also a key fib in the larger move. The bounce we get from this area will be suspect unless we get well above the red 4 area on the chart. Resistance here could very well send us to new lows below 2.0 and potentially a major buying opportunity at that time. Also note the potential for the decline in purple to be an impulsive 1,2 count which could potentially send us immediately lower; but this seems unlikely given the fairly established diagonal abc
structure thus far.