In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Natural Gas futures ticker symbol: $NG_F. The rally from the 28 August 2024 low showed a higher high sequence & provided a short-term opportunity at the blue box area. In this case, the pullback managed to reach the Elliott wave blue box area & bounce higher. So, we advised members not to sell Natural Gas but to buy the blue box area for a minimum reaction higher to happen. We will explain the structure & forecast below:

Natural Gas 1-Hour Elliott Wave Chart From 12.04.2024

Here’s the 1-hour Elliott wave Chart from the 12.04.2024 New York update. In which, the rally to $3.563 high ended wave 1 & made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $3.071 low.  A short-term bounce to $3.500 high then ended wave ((x)) & started the next leg lower in wave ((y)) towards $3.009- $2.705 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

Natural Gas Latest 1-Hour Elliott Wave Chart From 12.10.2024

Above is the Latest 1-hour Elliott Wave Chart from the 12.10.2024 London update. In which the Natural Gas is showing a perfect reaction higher taking place from the equal legs area. Right after ending the double correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $3.563 high is needed to confirm the next leg higher minimum towards the $4.336- $4.658 area & avoid deeper correction lower. If you are looking for real-time analysis in Natural Gas along with the other commodities then join us with a 14-Day Trial for the latest updates & price action. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allow you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Trial.

The post Natural Gas Bouncing From Elliott Wave Blue Box Area appeared first on Elliott wave Forecast.