Jump to content

Natural Gas Commodity Elliottwave Technical Analysis


Recommended Posts

Posted (edited)

Natural Gas
Mode - Larger degree bullish correction
Structure - Impulse wave wave C (blue) of Flat
Position - Wave (3)
Direction - Wave (3) is still in play
Details:  The surge above the key resistance zone marked has called for a re-analysis. Thus daily and H4 have changed to the alternative scenario in mind.  Recovery from 1.524 emerging into an impose and now into wave (3).

Natural Gas has extended its recovery from the February 2024 low, and the commodity is now anticipated to rise further in an impulse Elliott wave pattern. Meanwhile, the bigger picture indicates that prices are in a corrective phase following the bearish cycle that concluded between August 2022 and April 2023.
 
On the daily chart, a bearish impulse wave can be identified, lasting from August 2022 to April 2023. After such a decline, a corrective recovery is expected in the opposite direction, moving upwards. The emerging pattern in this case is an expanding flat. Expanding flats are 3-3-5 ABC structures where the second 3-wave segment breaks the starting price of the first 3-wave segment. Additionally, the third leg, which is a 5-wave segment, surpasses the endpoint of the first 3-wave segment (or the starting price of the second 3-wave segment). 
 
On the Natural Gas price chart, the emerging flat began at 1.944 (April 2023 low) and completed the first three-wave segment—blue wave A—at 3.66 (October 2023 high). The second three-wave segment, blue wave B, then started and extended below 1.944 in a three-wave structure, reaching 1.524 (February 2024 low). The final leg, blue wave C, is currently ongoing and is expected to extend above 3.66 with an impulsive move. The price is currently in wave (3) of blue wave C.
Commodities24(1).thumb.png.621c73c19c66e9c10ec393de3d74d7df.png
 
 
On the H4 chart, we examine the sub-waves of wave (3). The price is currently in the third sub-wave, which is targeted to reach the 2.998 Fibonacci level or potentially higher before the fourth sub-wave begins to move downwards. In the near term, the potential for further upside in Natural Gas prices remains strong.
 
Commodities24.thumb.png.175b9b153a7cd8862ba5683c63f1ba23.png

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

Edited by tradinglounge
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

    • Recently, U.S. Senator Bill Hagerty from Tennessee spoke at the Bitcoin conference, stating his efforts to push for Bitcoin-supportive legislation to promote freedom and opportunity. This year, cryptocurrency has become a key battleground in the election campaigns. It remains to be seen whether future policies on cryptocurrency will improve.
    • The digital landscape is undergoing a profound transformation as attention, once a freely given commodity, is increasingly recognized as a valuable asset. Layer3 is at the forefront of this revolution, pioneering a new economy where attention can be owned, traded, and monetized   This innovative approach empowers individuals to monetize their engagement, providing unprecedented control over personal data. Simultaneously, advertisers benefit from transparent metrics that optimize campaign performance. Content creators are presented with diverse revenue avenues beyond traditional advertising, while the overall ecosystem experiences a more equitable distribution of value.   The implications of Layer3 extend across various sectors. Social media platforms, for instance, can leverage this technology to revolutionize user engagement and monetization strategies. Tokenomics play a crucial role in driving Layer3's economy, incentivizing participation and rewarding value creation. While challenges such as data privacy and market volatility exist, the potential benefits of Layer3 are immense   Anticipation is building as its native token $L3 is on Bitget Pre-market as users await its listing on the exchange. This milestone is expected to significantly increase the token's visibility and accessibility, potentially driving substantial growth and attracting new investors. As the countdown begins, the crypto community watches with keen interest, eager to see how Layer3 will perform in this new chapter.
    • I've been exploring the world of play-to-earn gaming recently, looking for something that's not just about endless grinding but actually offers a fun and rewarding experience. OGC really stood out to me because it combines gaming with a sense of community in a unique way. OGC isn't just a game; it's a platform where you can play, earn, and even help shape its future. You're not just a player; you're part of a community with a voice. The idea of earning crypto while playing games is exciting, but what makes OGC special is its focus on community involvement. Your feedback can directly influence the development of the game, which is a big deal. I've also heard that the OGC token is available for pre-market trading on Bitget. While I'm still getting to know the platform and its features, it's definitely something to keep an eye on. Has anyone else tried OGC? What has your experience been like? I'd love to hear your thoughts and any tips you might have.
×
×
  • Create New...
us