Technical Analysis Summary - NG

22 May

🔍 Technical Analysis Summary – Natural Gas (NG1!)

📉 Left Chart (Daily Timeframe – ABC Correction):

Market structure shows a clear ABC corrective pattern forming.
Wave A completed with a sharp down move.
Wave B retracement is also complete.
Now initiating Wave C, projecting a downside target near $2.90–$3.00.
The structure indicates a correction within a larger downtrend continuation.

📊 Right Chart (90-Minute Timeframe – Elliott Impulse):

The chart breaks down Wave C into an impulsive 5-wave structure:
Wave I: Down move from ~$3.90 to ~$3.45.
Wave II: Pullback (currently ending).
Wave III, IV, V: Projected further downside.
Final target: $2.85–$2.90 region.
Multiple EMAs (34, 62, 89, 144) show bearish alignment — resistance in recent pullback.
Price action is below all EMAs, confirming bearish trend continuation.

📌 Conclusion:
Natural Gas is likely entering Wave C of a larger ABC correction.
Expect further downside with potential targets:
Short-term: $3.10
Mid-term: $2.85–$2.90
Trend remains bearish unless price reclaims above the EMA cluster (~$3.65–$3.80).





⚠️ Disclaimer:
This analysis is for educational purposes only. It is not financial advice. Please consult your financial advisor before making any trading decisions.

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