FX.co ★ Elliott wave analysis of UNG for March 31, 2023

Our proxy for Natural Gas, UNG, is in the very final stages for the decline from 34.50. We think that a final spike to just below 6.58 could be seen to complete the decline from 34.50 and set the stage for a new impulsive rally back to the long-term resistance at 34.50.

That said, a direct break above resistance at 7.25 and more importantly resistance at 7.88 will confirm the completion for the decline from 34.50 and that a new impulsive rally is unfolding.