Elliott wave analysis of Natural Gas for October 18, 2023
October 18, 2023 9:24 am
As the 2a year cycle showed Natural Gas (NG) bottomed right on cue at 1.94 and has since been headed higher. The instrument is likely to continue higher until at least mid-2024 and could extend its rally towards October 2025. If this is the case, we should expect NG to peak above the 2022 top at 10.03. The first major target on the way higher is seen near 4.37 with support firmly in place near 2.50.
However, for the next 8 – 24 months, NG should continue higher according to the cycle.
The material has been provided by InstaForex Company – www.instaforex.com
As the 2a year cycle showed Natural Gas (NG) bottomed right on cue at 1.94 and has since been headed higher. The instrument is likely to continue higher until at least mid-2024 and could extend its rally towards October 2025. If this is the case, we should expect NG to peak above the 2022 top at 10.03. The first major target on the way higher is seen near 4.37 with support firmly in place near 2.50.
However, for the next 8 – 24 months, NG should continue higher according to the cycle.
The material has been provided by InstaForex Company – www.instaforex.com
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