NatGas Update
NatGas has finally reached what appears to be a local bottom. As shown on the chart, single abc zigzags can form a triangle, but abc can also start an abc flat.
Considering the depth of the retracement, this unlikely to mark the end of the correction.
We'll be monitoring for more cues. If the price rises shaping abc zigzag, the triangle will become more likely. If the increase is in complicated wxy, we are most likely in wave B of (a)(b)(c) flat (green).
If the price continues to decline, we will pull the brakes and reassess.
Considering the depth of the retracement, this unlikely to mark the end of the correction.
We'll be monitoring for more cues. If the price rises shaping abc zigzag, the triangle will become more likely. If the increase is in complicated wxy, we are most likely in wave B of (a)(b)(c) flat (green).
If the price continues to decline, we will pull the brakes and reassess.
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🌏 energeiacharta.com
⏱️ Timely updates of WTI, Gasoil, NatGas charts explaining every twist
🗃️ Extensive analysis archives
📏 Chartopedia, with examples of applying ElliottWave to real world charts
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