In this technical blog, we are going to take a look at the past performance of Natural Gas futures, 1-Hour Elliott wave Charts that we presented to our members. But before looking into the Charts, we need to understand the market nature first. The market always fights between the two sides i.e Buying or Selling. We at Elliott Wave Forecast understand the Market Nature and always recommend trading the no-enemy areas. We called blue boxes on our charts as no-enemy areas. They usually give us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the Natural Gas Charts and structure below:
Natural Gas 1 Hour Elliott Wave Chart
Above is the 1 hour Elliott wave chart update from the 1/04/2022 Asia update. In which, the decline from 28 December 2021 peak ended wave 1 at $3.536 low. Up from there, the pair corrected the cycle from the December peak in wave 2 bounce. The internals of that bounce unfolded as Elliott wave double three structure where wave ((w)) ended at $3.794 high. Wave ((x)) ended at $3.638 & Wave ((y)) was expected to find sellers at $3.901- $4.062 blue box area. From there, sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.
Natural Gas 1 Hour Elliott Wave Chart
This is the latest 1 hour Elliott wave Chart from the 1/06/2022 Asia update. In which the pair is showing a reaction lower taking place from the blue box area. Right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the short positions at the blue box area. However, a break below $3.536 low remains to be seen to confirm the next extension lower & avoid double correction higher.
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