Natural Gas – Daily Analysis
In today’s report, we examine Natural Gas, analyze key technical signals and the evolving structure, and identify the critical levels that will determine where Natty heads next.
CANDLES
Today, Natural Gas elevated its bearish momentum and confirmed at least a short-term top from the candlestick perspective. The 2D frame formed a bearish Inside Down. However, price remains above the 8 EMA support on the daily, 2D, and weekly frames, which mitigates the bearish odds and makes the recent move less decisive.
While the short-term outlook is bearish and a move lower is expected, the mid-term weekly odds are far from settled. The next two days will be crucial. Until the weekly bullish odds are negated, that frame continues to hold a bullish stance.
ELLIOTT WAVES
Last Wave
TThe current wave down looks very zigzag-like, potentially reconfiguring the structure toward the red count, or even the alternative red count, as wave ii.
A break below the bottom of the wave marked ii in green would invalidate the immediate impulse for the green count and make the red count primary.
In general, the late-April gap up adds uncertainty and reduces the overall Elliott Wave probabilities.
SUMMARY:
Natural Gas has shifted bearish in the short term, but the broader setup is not broken yet. The candle picture confirms a short-term top, while the weekly frame still preserves its bullish stance as long as key support remains intact.
The next two days should decide whether this is just a corrective reset within the bullish mid-term structure or the start of a more meaningful bearish turn.
