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