08Mar

Natural Gas Elliott Wave Technical Analysis: NG Experiencing a Bearish Trend Persists

Natural Gas Elliott Wave Analysis - bearish trend persists

Natural Gas Elliott Wave Technical Analysis

Function - Trend

Mode - Impulsive

Structure - Impulse Wave

Position - Black wave 4 of red wave (3)

Direction - Black wave 5 of red wave (3)

Natural Gas (NG) embarked on a minor rally between late February and early March, marking a recovery of over 31%. However, this ascent encountered a formidable barrier, casting a shadow over the recovery journey from the low of $1.51. Despite this recovery surge, the bears appear resolute in their stance, and the Elliott wave theory provides additional confirmation that NG prices are poised for further faltering in the forthcoming weeks.

Natural Gas Daily Chart Analysis, 8 March 24

Examining the daily time frame reveals a clear continuation of the bearish impulse wave trend originating from $10 in August 2022. This analysis has been reiterated a few times in recent weeks. The completion of the 4th wave of this downward trajectory (denoted as the blue primary degree) occurred at 3.666. Subsequently, the 5th wave has assumed control, unfolding as an impulse wave and presently finalizing its third sub-wave (termed red intermediate degree). Thus, the current position resides within wave (3) of blue 4. Further scrutiny into wave (3) indicates that it’s completing wave 4 of (3), projected to terminate near the psychological level of $2. The recent market reaction aligns closely with this forecast, and absent unforeseen developments, wave 5 of (3) is anticipated to continue its downward trajectory, as evidenced on the H4 chart.

Natural-Gas-day-comm...

 


 

Natural Gas Daily 4-Hour Analysis, 8 March 24

Detailed analysis of the H4 chart delineates the conclusion of wave 4, characterized by a zigzag pattern, with wave (c) culminating in a diagonal formation. The breach beneath the diagonal boundary serves as an early indication of an impending decline in wave 5, ultimately leading to the completion of wave (3). Consequently, a further descent toward the range of 1.28-1.124 (constituting the 161.8% Fibonacci extension of wave 1-3 from 4) is anticipated. Any unforeseen surge beyond 2.319 would invalidate this projection, although such an outcome appears improbable. Looking ahead, the projected culmination of wave (3) does not signify the conclusion of the overall bearish progression initiated in 2022, as wave (4) pullback and wave (5) sell-off remain imminent within this bearish sequence.

In summation, Natural Gas is poised for a continued downward trajectory. By extrapolation, the bearish trend stemming from August 2022's $10 mark could persist, potentially reaching $1 in the ensuing months.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: WTI Crude Oil

TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months.   

Natural-Gas-4hr-comm...

Related

Berkshire Hathaway Inc. (BRK.B) Elliott Wave Analysis: Navigating Market Trends and Trading Opportunities - February 7, 2024

Berkshire Hathaway Inc. (BRK.B) Elliott Wave Analysis: Navigating Market Trends and Trading Opportunities - February 7, 2024

Explore BRK.B stock analysis using Elliott Wave methodology, revealing market trends and trading opp...

Read More >
NEOUSD Cryptocurrency Analysis: A Comprehensive Elliott Wave Technical Perspective

NEOUSD Cryptocurrency Analysis: A Comprehensive Elliott Wave Technical Perspective

This article offers a deep dive into the NEOUSD market, providing a detailed Elliott Wave analysis t...

Read More >
Commodity Market Update: Elliott Wave Analysis and Outlook

Commodity Market Update: Elliott Wave Analysis and Outlook

Commodity Market Elliott Wave Analysis Update: The dollar and yields are on the rise, while gold, si...

Read More >
Silver (XAGUSD) Price and Elliott Wave Technical Analysis: Buy the Dip for Profitable Silver Trading

Silver (XAGUSD) Price and Elliott Wave Technical Analysis: Buy the Dip for Profitable Silver Trading

This comprehensive guide offers valuable insights into Silver trading, covering essential topics suc...

Read More >
New Zealand Dollar/U.S.Dollar (NZDUSD) Elliott Wave Technical Analysis 7 December 23

New Zealand Dollar/U.S.Dollar (NZDUSD) Elliott Wave Technical Analysis 7 December 23

NZDUSD Elliott Wave Analysis Trading Lounge Day Chart dated 7 December 23, provides a comprehensive ...

Read More >
Bitcoin Crypto Price Analysis: Today BTCUSD Elliott Wave Technical Analysis and bullish trend forecasts

Bitcoin Crypto Price Analysis: Today BTCUSD Elliott Wave Technical Analysis and bullish trend forecasts

Get the latest BTCUSD analysis and Bitcoin Elliott Wave technical insights. Our detailed BTCUSD trad...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on