FX.co ★ Elliott Wave Analysis of Natural Gas for February 3, 2022

Natural Gas has rallied nicely out of the 3.53 low and is headed towards the former peak at 6.47 and a break above here will call for a continuation closer to 8.26 and possibly even higher. If, however resistance at 6.47 caps the upside, we could see a more complex correction unfolding and maybe even a return to support near 3.53 in a flat correction. This is not our preferred view at the moment, but we need to keep the possible options in front of our eyes or the Market will catch us on the wrong foot. So stay flexible, and keep your eye on resistance at 6.47 for now and let's see what happens there.