Natural Gas Hasn't Bottomed Yet

black and white gas stove

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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.

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