Natural Gas Update
In the wake of the current 72% collapse in NG1 over 5 months, the question must be: are we going to see new lows under the 1.42 low dating from June of 2020?
As per the recent post, Nat Gas Inflection Point, I have been of the opinion that risk is greater to the upside since the 3.50 price point for all the reasons mentioned there. So owning that.
Fridays low at 2.34 is the C=A on the structure down from 10.08. I did post that look out in a comment Feb 2 on the above mentioned post. Assuming the economy doesn't do a Pandemic nose dive here, I have to view the level as a risk on opportunity.
Even a corrective bounce to the 4th wave congestion area of 3. 80 is a 50% rally.
Not trading advice or a recommendation.
Educational Elliott Wave drivel.
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