Natural Gas Resumes a Bull Run
The up move in the Natural Gas seems to be extending and it looks like now it has entered wave 5 which is further getting subdivided. Wave 1 was 124% and wave 3 was 188% approximately. After an extended third wave 5 may or may not extend. At $8.69 waves 1 and 5 will be equal. However, wave 5 in commodities can extend so we need to keep that in mind as well.
Also, the medium to long-term chart structure suggests that Natural Gas has seen a multi-year breakout. If it sustains above the multi-year resistance zone of $6.52 – $6.68 then most likely, wave 5 will get extended.