Natural gas is looking for more short-term weakness, as we see a five-wave drop from the highs by Elliott wave theory.
Natural gas sharply and impulsive dropped from 3.0 resistance area, which we see it as a first leg A/1 of a minimum three-wave A/1-B/2-C/3 decline. Currently we can see it making bigger and complex w-x-y intraday corrective recovery within wave B/2, which is most likely going to retest higher resistance around 2.8 – 2.9 area before we will see further weakness within wave C or 3 towards 2.3 – 2.0 area for wave C or maybe even lower for wave 3 of new five-wave bearish cycle.
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