Natural Gas Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Natural Gas Elliott Wave analysis

Since the shift to the March 2024 contract, Natural gas futures prices have gained over 29% and are close to completely recovering from the sell-off in the previous weeks. On a bigger scale, it appears the commodity will extend the bullish corrective sequence from February 2024.

Natural Gas: Daily chart analysis

On the daily chart, it’s clear the commodity is in a corrective phase that started in February 2024. That low marked the end of a bearish impulse sequence that started in August 2022 when the commodity exchanged for $10. Meanwhile, the corrective sequence from February 2024 is emerging into a double zigzag structure. Wave (W) finished at the peak of January 2025 from where the price dropped to finish wave (X). Wave (Y) started in the last days of January and could extend to the $5.7-$6.8 price zone. Thus, the upside is favored to continue in the short term. However, until the top of wave (W) is breached, traders should be cautious of a lower wave (X) in a double zigzag structure.

Natural Gas: Four-hour chart analysis

On the H4 chart, the price is currently in wave A of (Y) with an impulse wave pattern. Thus, after wave A, traders should expect a bullish reaction from the wave B pullback. However, with the current price action, it doesn’t appear that wave A has finished yet - may still extend higher before wave B corrects it.

Natural Gas Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.