FX.co ★ Elliott wave analysis for Natural Gas on May 17, 2022

Natural Gas (NG) continues to point higher toward the next upside target at 11.30. If NG develops a runaway rally, we could see a continuation all the way to 16.10 as the next upside target. Rapid rallies in the commodity instruments are not unusual, as they often arise due to low supply and fear.

In the short term, we see support near 7.38 and then 6.43. Only a break below the latter will question our bullish expectations.