In this technical blog we’re going to take a quick look at the Elliott Wave charts of Natural Gas, published in members area of the website. As our members know, Natural Gas has incomplete bearish sequences in the cycle from the 2.493 (July 10th) peak. Consequently, we advised members to avoid buying the commodity and keep favoring the short side. We expected Natural Gas to keep on finding sellers in the sequences of 3,7,or 11 swings.
In further text we’re going to explain Elliott Wave Forecast and trading strategy.
Natural Gas 4 Hour Elliott Wave Analysis 8.13.2019
Decline from the July 10th peak unfolded as 5 waves structure- wave ((i)) black. Wave ((ii)) ended as Elliott Wave Zig Zag pattern and we got further decline. Break of 07/29 low made the Commodity bearish against the 08/01 peak . That break confirmed wave ((iii)) is already in progress. Cycle from the 2.493 peak is incomplete now, calling for further weakness. We don’t recommend buying the Commodity in proposed bounce and favor the short side.
Natural Gas 1 Hour Elliott Wave Analysis 8.14.2019
Natural Gas is correcting the short term cycle from the 2.334 peak.. As far as the mentioned pivot holds, we expect to see further weakness. Short term recovery looks incomplete at the moment. The price is missing another short term swing up toward 2.192-2.271 ( blue box- selling zone). As the main trend is bearish, we expect the commodity to find sellers at the blue box for a 3 wave pull back at least. As soon as the pull back reaches 50 Fibs against the last connector (x) blue low, we should make our short positions risk free.
Natural Gas 1 Hour Elliott Wave Analysis 8.14.2019
Eventually Natural Gas made proposed leg up and found sellers right at the blue box : 2.192-2.271. Wave (ii) recovery completed at 2.269 high. We got decline which has already reached 50 Fibs against the (x) blue connector. As a result members who took short trades are now enjoying profits with risk free positions. Now, as far as 2.269 pivot holds, we can get more downside as proposed on the chart. However, we need to see break below 08/05 low in order to confirm next leg down is in progress. Until that happens , double in wave ((ii)) might happen per alternative view.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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