FX.co ★ Elliott wave analysis of Natural Gas for January 19, 2022

Natural gas is moving higher as expected and we continue to look for a move beyond the former peak at 6.47 closer to 8.26 before the rally from 1.60 maybe is complete. The reason we we are hesitant, just to declare the rally for a complete five rally is, that the peak at 6.47 could be a wave 1/ of 3 and the dip to 3.73 jus wave 2/, if this is the case, then wave 3/ of 3 will extend way beyond the 8.26 target. Only time will show which of the two counts is correct, but for now we will start by looking for the rally towards 8.26 and evaluate the count near here.