FX.co ★ Elliott wave analysis of Natural Gas for May 5, 2022

On April 21, we called for more upside in Natural gas towards the extension target at 11.30. The price is well underway to this target. NG eclipsed the former high at 8.07 yesterday and in the weeks ahead we should see NG move closer to the 11.30 target before a possible long-term peak should be expected. That said, the uncertainty surrounding this market is huge and the risk of a blow-off top is clearly present and will cause a major rally through 11.30 for a move even higher towards 16.10.