Image Source: Unsplash

Natural gas faced a massive decline for the last year and from Elliott Wave's perspective, we see it nearing strong and important support area, but we don't see it bottoming yet. We are actually tracking final wave 5 of (C) of a larger (A)-(B)-(C) correction, which can occur once current sideways consolidation. 

Ideally, a bearish triangle pattern within wave 4 fully unfolds. Later this year, once wave 5 of (C) completes, this is when we will expect a bottom formation, ideally somewhere in the 1.x zone.

(Click on image to enlarge)

More By This Author:

Bitcoin Is Finishing A Corrective Decline
SP500 Is Looking For A Bigger Recovery
Broken Channel Support On The EURUSD Can Cause Deeper Correction