FX.co ★ Elliott wave analysis of UNG for February 9, 2023

Short-term resistance at 8.92 must be able to cap the upside to secure the final spike lower to 7.54 to complete waves c and B and set the stage for wave C to take over for a rally towards the 34.50 target. A direct break above minor resistance at 8.92 will confirm that wave B has been completed and wave C is in motion.

The decline to a new all-time low for UNG seems to be an overreaction when looking at Natural Gas as the commodity as it's nowhere near the all-time low.