FX.co ★ Elliott wave analysis of UNG on February 28, 2023

On February 8 and February 9, we called for a final spike down to the equality target between waves A and C at 7.58. Since then, we have seen UNG drop to a low of 7.15 and then turn strongly higher. All we need now is a break above minor resistance at 8.97 to confirm that wave B has been completed and wave C is in motion. The ideal target for wave C is seen between the former peak of wave A at 34.50 and 38.98.

A new strong rally in UNG also implies higher prices in Natural Gas going forward and rewed upside pressure on inflation.