Natural Gas – Daily Analysis

Natural Gas is up over 12% since October 16, when I alerted about a potential bottom and a rally of 20% or more. Let’s see if the bulls have anything left in the tank.
CANDLES

Natural Gas closed the daily and 2D frames with solid bullish candles. The momentum is very strong and the Natty has good chances to confirm the weekly bullish.
All trends remain firmly bullish.
ELLIOTT WAVES
Last Wave
(no change, just a refreshed chart)


Assuming this is wave v, here’s what to expect:
- Typical extensions for wave v: 1.0, 1.618, and 2.0 of wave i (marked by the blue Fibs).
- In commodities (including NG), wave v often runs longer than wave iii; a break above $4.75 would mark v > iii.
- Statistically, the most probable target lies in the upper third of the rectangle.
Let’s see how it develops.
SUMMARY:
Natty is bullish across all frames, with a fair chance to extend those odds further on the weekly and monthly frames.
Short term: bullish
Mid term: neutral–bullish
Long term: bullish
Happy Trading!