FX.co ★ Elliott wave analysis of Natural Gas for July 29, 2022

Natural gas has made a new high at 9.75 and more upside pressure towards at least 10.41 and more likely closer to 13.55 remains expected. Keep in mind that within the commodity complex and an extended 5-wave rally could lead to 18.63.

In the short term, we see support between 7.01 - 7.53 from where the next part of wave 5 higher should be expected. It will take an unexpected break below support at 5.53 to indicate wave 5 has completed and a larger corrective decline is in motion.