Natural Gas Making A Bullish Effort
Gregor Horvat | Nov 26, 2020 10:09AM ET
Natural gas made a big a-b-c corrective decline on the 4h time frame chart, and found a low at the 2.52 level, from where a new five-wave minor move started unfolding. This five-wave (impulsive) move, and latest break above the upper corrective channel line is evidence that natural gas can be turning back to the bullish side. We are observing a five-wave rally, which can be near completion, and can be followed by a three-wave a-b-c correction, ideally towards the 2.75/2.65 region, where former swing high ((iii)) and low ((iv)) can provide support.
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