Natural Gas Daily Update
Natural Gas made an extremely strong bearish move today, way stronger than it was required for just a pullback, and possibly completed the first impulse wave down. If the direction is confirmed tomorrow, a bear path I shared a few days ago will be fully open.
CANDLES & TA
NG confirmed a bearish reversal on the 12hr frame and made a full Bearish Engulfing on the daily. If the daily candle is confirmed tomorrow, it could set a significant ride downwards.
ELLIOTT WAVES
Today’s almost perfect impulsive wave down tells one thing – at least one more wave of a comparable size is coming, possibly after a little bounce.
The bigger picture – a possible completion of an expanding triangle.
The bullish path has not been invalidated, but it will be if NG makes a new lower low.
SUMMARY:
NG is very bearish and at least one more day of lower prices is expected. If NG does not negate the bearish odds in the next 2 days, it can keep the bearish odds alive on the weekly frame and, respectively, resume the ride downwards.
The next two day could be the key for the next few months.
Latest Weekly:
https://investingangles.com/category/commodities/natural-gas/
Follow us on Telegram: https://t.me/InvestingAngles