In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Natural Gas ( $NG_F), which we presented to members at elliottwave-forecast. In which, the rally from 25 June 2020 low unfolded as an impulse structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to sell the Natural Gas & trade the no enemy areas ( blue boxes) as per Elliott wave hedging remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:
Natural Gas 1 Hour Elliott Wave Chart
Above is the 1 hour Elliott Wave Chart from 9/23/2020 Asia update. In which, Natural gas made a pullback in wave (2) to correct the cycle from 6/25/2020 low. The internals of that pullback unfolded as a zigzag structure where wave A ended at $2.246 low. Wave B bounce ended at $2.399 high and wave C managed to reach $1.899- $1.590 100%-161.8% Fibonacci extension area. From there, buyers were expected to appear looking for another extension higher or for 3 wave reaction higher at least. Therefore, our members knew that buying at blue box area remains the preferred path for a 3 wave bounce at least.
Natural Gas 1 Hour Elliott Wave Chart
Here’s the Latest 1 Hour Elliott Wave Chart from Asia update. Showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the longs at $1.899- $1.590 blue box area as per Elliott wave hedging.
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