The looked for X wave down, see Natural Gas Wave Count
extended past the 50% retrace of the "y", and currently stands at .68. It MAY be complete.
 Active Mo. Daily

click to enlarge
However as stated previously, the structure up could well turn out to be a double zig zag, which allows for a much deeper move down. I DO think another zig zag up is likely, for a "z" wave. This is because there is a clear historic low at 2.40 and Natty hasn't spent enough time or price working up from there. The move up is structured in abc, x's, unfortunately, making it a tough flat trade.
Active Mo. Hourly
The 'x' wave down now has an abc structure. There is no RSI divergence as yet.

5 min.

click to enlarge
So is the X wave done? NG needs to hold here and take out the 4.35 level.


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