Natural Gas – Daily Analysis
In our daily Natural Gas analysis, we track candlestick formations across multiple time frames, align them with Elliott Wave structures, and review supporting technical indicators. This approach helps maintain consistency in evaluating both short- and long-term market perspectives.
CANDLES
No decision was made today. Natural Gas (and UNG) formed neutral candles that neither confirmed nor rejected the potential bullish path. If the Natty trades at approximately the current level tomorrow, it could form a Ladder Bottom on the 2D frame. There is also a contract switch tomorrow, which could bring all sorts of surprises to the daily and weekly frames on Friday.
If bullish momentum builds through the rest of the week, the weekly could close strongly bullish—possibly as a Rising 3 Methods.
Short term: neutral, pending direction
Mid term: barely bullish
Long term (15D+): leaning bearish
ELLIOTT WAVES
(no changes, just refreshed the charts)
UNG – Short Term
UNG continues to look impulsive in the mid term. Today’s wave off the bottom also appears as a clean impulse at the micro level. The invalidation level for the green count is marked on the chart.
Assuming UNG completed wave ii as a flag, and remains in sync with NG2, the NG2 chart—with both the flag target and the larger wave iii target—would look like the one above.
SUMMARY:
Natural Gas bulls made a serious statement yesterday but were shy to follow through with a strong move. From the candles’ perspective, the move weakened the bulls’ odds but did not flip the odds to bearish. The scale is balanced, waiting for a tip.
Note: the contract switch is tomorrow at 6:00 p.m. EST. Stay alert.
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Happy Trading!
