August 17, 2023: Natural Gas Elliott Wave and Technical Analysis – Video and Charts
Monthly charts are updated here
ELLIOTT WAVE COUNT
WEEKLY
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Price has broken out of the Elliott channel drawn around cycle wave II, and has since moved higher. This sees the last low for cycle wave II likely to be sustained.
A second wave corrective movement within cycle wave III cannot move below 1.947.
Cycle wave III may be moving up with increasing momentum and overlapping first and second waves at minuette, minute, and minor degrees.
Cycle wave III has a target calculated to reach 2.618 times the length of cycle wave I at 24.226.
DAILY
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Within primary wave 1, intermediate wave (1) is incomplete.
Within intermediate wave (1): Minor waves 1 and 2 may be complete and, within minor wave 3, minute waves i and ii may be complete. This wave count now expects overlapping third waves to push price higher with increased momentum.
Within minute wave iii of minor wave 3, minuette waves (i) and (ii) may be complete.
When intermediate wave (2) arrives, it may not move beyond the start of intermediate wave (1) at 1.947.
At 3.194 minute wave iii would reach 1.618 the length of minute wave i.
TECHNICAL ANALYSIS
WEEKLY
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Volume pushes price higher, with increased volume on bullish candlesticks.
Price has found a consolidation area around support/resistance at 2.75.
DAILY
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Price has moved lower, past resistance at 2.65, after the Bearish Engulfing pattern developed the day after the high on August 8th.
ADX indicates no clear trend, so we use the model of Stochastics and support and resistance. This model expects price may swing downwards to reach support around 2.45.
Published @ 23:17 p.m. ET.
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