Natural Gas: At decision point.
On 12.17.22 I thought natural gas may soon turn up at around 5.18. (see link below if interested). Clearly that was premature. It stayed in a down trend until now. A clear example why when something is in a up or down trend you best wait for price action (candle stick pattern, trend line break) to support that a turn around is about to occur. Then you have the recent low or high to be a stop point if wrong.
The overall pattern has not changed. But if this EWT count is correct wave 3 should not cross below the high of wave 1. We still have a bullish divergence in the daily RSI. We still have an expanding triangle at wave 3. with the last wave down current having .a=.c. and ending at a possible support/resistance area. So this would seem like a good place to finally so up. BUT wait for price action to support this idea.
Best to you. Have a great week.
The overall pattern has not changed. But if this EWT count is correct wave 3 should not cross below the high of wave 1. We still have a bullish divergence in the daily RSI. We still have an expanding triangle at wave 3. with the last wave down current having .a=.c. and ending at a possible support/resistance area. So this would seem like a good place to finally so up. BUT wait for price action to support this idea.
Best to you. Have a great week.
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