FX.co ★ Elliott wave analysis of UNG for March 14, 2023

We have used UNG as a proxy for Natural gas with great success lately. Last we looked at UNG, we said that it likely had peaked and a corrective decline to 8.25 should be expected before the next impulsive rally towards 12.61 and maybe even higher.

UNG corrected to a low of 8.05 and turned higher from there and should soon break above minor resistance at 8.81 confirming that the corrective decline from 9.99 has been completed and UNG is headed higher towards 12.61 and maybe even higher.