This is a quick update to the post from yesterday where we called blue (x) completed in Natural Gas (NG #F) at 3.235. However, price has been unable to break higher so far and after a failed test of 3.347 peak, we have seen another dip and a double three Elliott wave correction in wave (x) now seems more likely towards 3.235 – 3.208 area which is 50 – 61.8 Fibonacci retracement area of the rally from 3.122 low. From this area and as far as pivot at 3.122 low remains intact, we can expect Natural Gas to turn higher again and reach the target between 3.45 – 3.587 are from where a larger 3 wave pull back can be seen at least to correct the cycle from 3/17 (2.882) low if not from 2/22 (2.523) low.
