A new impulsive structure has emerged from the low of 265.5in natural gas. Price has accomplished wave (5) and started the zigzag correction at 801.
Currently, Natural gas is forming sub-wave 5 of impulsive wave C. Natural gas has also broken down 200EMA and the base channel of 2 – 4 wave, which signals bearish momentum. It has faced strong support of 515, but the price didn’t respect the level and ended up losing bullish momentum.
Wave C has traveled the same distance as wave A. Hence, Wave A = Wave C. If the price sustains below 516, traders can trade for the following targets:
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