Natural Gas Is Looking For Lower Support
Updated
Natural gas is trading bearish for the last couple of months, but we see it in a larger (A)-(B)-(C) corrective decline that can be slowly coming to an end. We are actually tracking final wave 5 of (C), which should be completed by a five-wave cycle of the lower degree.
Natural gas is currently in an intraday consolidation within downtrend, ideally in subwave "iv" triangle pattern that can take it lower for wave "v" of 5 of (C) towards 1.6 - 1.5 area before it finds the bottom.
Natural gas is currently in an intraday consolidation within downtrend, ideally in subwave "iv" triangle pattern that can take it lower for wave "v" of 5 of (C) towards 1.6 - 1.5 area before it finds the bottom.
Comment
After an intraday shakeout on Natural gas, we still see it trading in wave »iv« correction within downtrend, but it's a flat correction instead of a triangle corrective pattern. So, still watch out for a retest of the lows within final wave »v« of 5 of (C) with room down to 1.6 – 1.5 area before the market finds the bottom.
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