FX.co ★ Elliott wave analysis of UNG for March 28, 2023

Our proxy for Natural Gas, UNG, made a new lower low yesterday opening for a move closer to 6.00 as long as resistance at 7.88 is able to cap the upside. That said, the potential downside should be very limited as we clearly is in the very final stages of the decline from 24.63 and the risk of a sudden turn around is huge. This is not the time to play the downside, but be ready for the expected turn around for a rally above minor resistance at 7.88 and more importantly a break above key resistance at 9.99 for the next big upswing.