Jump to content

Natural Gas Commodity Elliottwave Technical Analysis


Recommended Posts

Natural Gas Technical Analysis
Mode - Corrective for wave 4
Structure - Double Zigzag
Position - Wave (2)
Direction - Wave (3))
Details:  Wave (2) is close to completion in the reversal zone. Wave (3) will have begun if the price leaves the zone.
 
 
 
 
 
 
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here https://tradinglounge.com/341 7 Analysts Over 170 Markets Covered Bitcoin Prediction Guess the Price? Test Your Analysis - Win 1 Million Satoshi https://tradinglounge.com/Bitcoin-Prediction
 
 
 
 
 
 
Natural Gas has embarked on a robust rally, surging nearly 45% since April 25, 2024, perpetuating the overarching bullish correction that commenced in January of the same year. Despite this upward momentum, the prevailing trend maintains a downward trajectory, seemingly unbroken as of yet. Consequently, traders anticipate the eventual resumption of the bearish trend after the culmination of the ongoing bullish retracement.
 
Analyzing the daily chart, a bearish impulse initiated in August 2022 around the $10 mark. From that point until February 2024, this downward cycle obliterated approximately 85% of the commodity's value, plummeting from $10 to a meager $1.52. However, the subsequent recovery from February exhibits characteristics indicative of a corrective pattern, potentially manifesting as either a zigzag or a double zigzag until a more formidable impetus materializes to warrant consideration of an impulse recovery.
 
Notably, around October 2023, the completion of the 4th wave within the long-term impulse was observed at 3.66, precipitating the onset of the 5th wave's descent. However, the price only finalized a 3-swing movement to the low of February 2024. When the initiation of the 5th wave commences with a 3-swing, it suggests a higher probability of an ending diagonal structure.
 
Delving into the daily chart analysis, we delineate the decline to the February low as wave (1) of the 5th wave, with the current upswing identified as wave (2). Presently, wave (2) has reached a reversal zone, signaling the potential commencement of wave (3). Alternatively, wave (2) might extend its upward trajectory in another three swings should the decline from the zone demonstrate corrective qualities. Monitoring the price action, it is imperative for wave (2) completion that the price conveniently remains below 3.39.
 
Zooming in on the H4 chart, wave (2) manifests as an evolving double zigzag pattern. Confirmation of wave (3) initiation necessitates the observation of a bearish impulse from the zone below 2.185, followed by a breach beneath the major level of 2.00. This juncture is poised to attract a surge in selling activity, propelling the commodity into a new low not witnessed in the past four years.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

 

Commodities24.thumb.png.9c179f1d27c2932b357a8b60472abac6.png

 

Commodities24(1).thumb.png.a59d11d38e84654cc87d744e2e4ac5cb.png

 

 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • If you've encountered Drift Protocol but couldn't quite comprehend its role in the DeFi realm, this article aims to elucidate the project's mission and its attempts to address major hurdles in the world of decentralized trading and finance. Fundamentally, Drift Protocol is a decentralized exchange (DEX) built on the high-performance Solana blockchain, facilitating transparent, non-custodial trading without any central entities holding custody of your assets. All transactions occur directly peer-to-peer through secure wallet integrations like Phantom, eliminating the necessity to entrust shady centralized exchanges with your hard-earned crypto. However, Drift transcends the boundaries of a conventional DEX. It's an all-encompassing ecosystem encompassing spot trading, perpetuals, borrowing, lending, staking, and liquidity pools – the entire spectrum. Remarkably, they even offer automatic yield on your account holdings, essentially providing free money for your consideration. What truly sets Drift apart is its cutting-edge liquidity solutions. They employ multiple mechanisms such as limit order books, AMMs, and an innovative "Just-In-Time Auction" system that brings in market makers to provide on-demand liquidity for traders. It's akin to having an entire army of liquidity ninjas at your disposal. Their Dynamic AMM is a game-changer as well. Unlike the static liquidity we're accustomed to, it dynamically adjusts and recalibrates the liquidity pools based on real-time trading demand, translating to better capital efficiency and reduced slippage for traders. And let's not overlook the bots! Drift has an integrated bot system that allows you to automate your trades and execute complex strategies far more efficiently than manual execution. With over $340 million in total value locked and nearly $19 billion in traded volume from their 169,000+ users, Drift Protocol is clearly onto something substantial. Moreover, they recently raised $23.5 million in a Series A funding round led by Polychain. Drift Protocol is truly pushing the boundaries of what a DEX can be – aggregating various DeFi services, solving liquidity challenges, and providing traders with professional-grade tools, all while maintaining full decentralization on the Solana blockchain. This project has certainly piqued my interest, and it could be a game-changer for us crypto enthusiasts.
    • Allow me to unveil the revolutionary Lifeform project – a groundbreaking development in the realm of virtual identities and avatars for the web3 world.   At its core lies a mind-bogglingly innovative concept. They've developed a state-of-the-art editor that empowers users to create hyper-realistic 3D virtual human avatars, which can serve as digital identities across the metaverse and web3 applications. Brace yourself for a staggering number – over 10 billion possible combinations of facial features and body details, all powered by the cutting-edge Unreal Engine 5, the very same technology behind blockbuster movies and top-tier video games. Impressive, isn't it? But here's the real kicker – these avatars aren't merely for virtual worlds. With Lifeform's DID solution, you can actually utilize your custom avatar as a login method and verified identity for any decentralized app or metaverse platform. It's an NFT-based digital ID that seamlessly grants you access to the entire web3 ecosystem. Remarkably, as early as March 2023, Lifeform had already become the most widely used dApp on the BNB Chain, boasting over 3 million monthly active users. This rapid adoption is a testament to the virtual identity concept's meteoric rise. On top of that, their AI analyzes user activity across blockchains, providing personalized service recommendations based on your crypto asset management strategies. It's a sleek, all-in-one web3 identity platform like no other. And the surprises don't end there. These avatars aren't limited to the metaverse; you can beam your virtual self into Zoom calls, Google Meet, online conferences – you name it. Your avatar mimics your movements and expressions in real-time, courtesy of their cutting-edge plugin. It's like being a real-life hologram! Lifeform is single-handedly bridging the gap between our physical and digital identities in an incredibly accessible manner. They are undoubtedly the key to onboarding the next billion users into the web3 space. It's a genius concept, if you ask me. You can check out it's token $LIFEFORM on the Bitget exchange as it recently got listed. 
    • Ready to experience the power of the latest Telegram Signal Bot? Explore the exchange BetterTest Event and witness the potential for yourself! Experience firsthand the accuracy and efficiency of a unique signal bot in real-time trading scenarios. Test its capabilities and see how it can enhance your trading experience. Why Participate? - Refine User Experience: Help us improve the product by providing valuable feedback. - Enhance Audience Reach: Leverage your dedicated audience channels more effectively. - Community Management: Intuitively manage your communities and improve follower quality. - Top Channel Management Tool: Collaborate with us to create an industry-leading platform. Will you miss this opportunity to engage with exchange cutting-edge technology and take your trading to the next level?
×
×
  • Create New...
us