FX.co ★ Elliott wave analysis of UNG for March 6, 2023

We tracked UNG down to test the equality target at 7.58 (the low was seen at 7.15) to complete the corrective decline from 34.50. With this correction completed, we should be looking for a new impulsive rally higher in the weeks/months ahead. The ideal target for this rally is a retest of the 34.50 high, with the possibility of a move even higher if an expanded flat is unfolding. For now, we will be tracking the C-wave higher. We have likely seen the first minor impulsive rally complete just below 10.00. We will be looking for a minor correction in wave ii ideally close to 8.23 before the next impulsive rally takes over for a rally toward resistance in the 18.50 - 19.50 area.