FX.co ★ Elliott wave analysis of Natural Gas for April 21, 2022

In our last article, we called for Natural gas to move higher towards resistance at 8.34, which is exactly what we have seen. The target hasn't been tested yet, as the peak has been seen at 8.07, but it should just be a matter of time before NG finds support and a new rally is seen and this time resistance at 8.34 likely will be no match as NG rallies higher towards the next resistance at 11.30 and maybe even higher towards the all-time high at 16.10.

Only a break below support at 4.26 will indicate that NG has peaked and a deeper correction is unfolding.