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

Soybeans Commodity Elliott Wave Technical Analysis: Current Trends and Future Predictions

Soybeans Commodity Elliott Wave Technical Analysis: Current Trends and Future Predictions

This article provides an in-depth Elliott Wave analysis of the soybean market, highlighting current ...

Read More >
NEOUSD Elliott Wave Technical Analysis: NEO Price Prediction, Trading Strategy, Zigzag Patterns, Technical Indicators

NEOUSD Elliott Wave Technical Analysis: NEO Price Prediction, Trading Strategy, Zigzag Patterns, Technical Indicators

Elliott Wave analysis of NEOUSD, detailing the corrective Wave (2) phase, trading strategies for the...

Read More >
Asian Paints Stock Forecast Using Elliott Wave: Impulsive Rally Nearing Completion, Expect Reversal and Trading Opportunities Soon

Asian Paints Stock Forecast Using Elliott Wave: Impulsive Rally Nearing Completion, Expect Reversal and Trading Opportunities Soon

Asian Paints is advancing in an impulsive Elliott Wave structure, nearing the final leg of a counter...

Read More >
In-depth analysis of Theta Token (THETAUSD) Cryp Price News Today - Elliott Wave Technical Analysis

In-depth analysis of Theta Token (THETAUSD) Cryp Price News Today - Elliott Wave Technical Analysis

This article provides an in-depth analysis of Theta Token (THETAUSD) using the Elliott Wave Theory t...

Read More >
EURUSD Elliott Wave Forecast Shows Wave 4 Correction Nearing End With Bullish Wave 5 Setup and Key Level at 1.01781

EURUSD Elliott Wave Forecast Shows Wave 4 Correction Nearing End With Bullish Wave 5 Setup and Key Level at 1.01781

EURUSD is in a corrective wave 4 phase, offering a trading opportunity before the expected bullish w...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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