FX.co ★ Elliott wave analysis of UNG for February 8, 2023

UNG (United States Natural Gas Fund) has just made a new all-time low at 8.00 just below the late December 2020 low at 8.22. In the short term, we could see UNG move slightly lower to 7.54 to complete wave B and set the stage for a new rally in wave C towards the 2022 peak at 34.50.

In the short term, we could see some kind of complex correction towards 11.22 and maybe even closer to 13.20 before the final spike lower to test the ideal corrective target at 7.54. We are now so close to the ideal target that the dip to 8.00 could have been it and wave C higher is in motion.

We will have to take the rally from 8.00 and see if we get any clues as to whether a final spike lower should be expected or not.