Natural gas peaked at 6.47 in late October. Since then, we seen a substantial corrective decline to 3.54, which is more than enough to set the stage for the next impulsive rally towards 8.26 and maybe a lot higher, but that all depends if the rally to 6.47 only was wave 1/ of 3 or it was wave 3 itself.
No matter which count proves correct, more upside is need and often wave 5 is the longest, when it comes to the commodity complex and this could well be the case here too. A break above minor resistance at 4.34 will be a good indication that wave 4 or 2/ has completed and that a rally to at least 8.26 is in motion.
