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FX.co ★ Elliott wave analysis of Natural Gas for April 7, 2022

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Forex Analysis:::2022-04-07T04:53:24

Elliott wave analysis of Natural Gas for April 7, 2022

Elliott wave analysis of Natural Gas for April 7, 2022

Last time we visited Natural Gas was back in late January, we we was looking for a possible wave 4 low indicating wave 5 higher was unfolding. Well with price currently retesting the former peak at 5.39 we think its safe to say that wave 4 indeed did complete with the test of 3.554 and wave 5 higher towards at least 8.34 now is in motion.

That said, we are now entering the famous wave 5, which for the commodity complex means a possible run-away rally that could lift NG straight through resistance at 8.34 for a continuation higher to 11.03 and even the 205 peak at 15.78. Time will tell, but all the ingrediencies are in place to make wave 5 an extended rally.

Analyst InstaForex
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