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EWT – Is Natural Gas Prepared for a Reversal?

Free mcx natural gas chart calls

In our previous article, we discussed impulsive wave C and its continuation. On 20 January 2023, Price achieved our all given targets.

Click here: MCX Natural Gas – Elliott Wave projection

Free mcx natural gas chart calls

Timeframe:
MCX Natural gas has accomplished the corrective wave B and started falling for impulsive wave C. Price has given a reversal from previous wave C, but it is no conclusive evidence that it has completed wave c.

When it comes to confirmation, Traders should watch the level of 313. If the price breaks out the 313, it will enter into the parallel channel. Traders can buy for the following targets: 321 – 340 – 366.

Don’t forget prices are moving outside the channel, which is a negative point for traders. Bearish continuation is possible if the price sustains below wave (4).

I will update further information soon.

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