We are observing a classic Elliott Wave structure unfolding on the Daily timeframe of Natural Gas (XNGUSD). Here's a breakdown of the current wave count:
Wave (1) started the initial impulse move up breaking the previous downtrend.
Wave (2) retraced sharply but respected the Fibonacci support zone.
Wave (3) extended significantly, following typical wave dynamics.
Wave (4) appears to have completed near a key support zone, aligning with previous structure and a possible Fibonacci retracement level.
🔹 We are now potentially entering Wave (5) — a final impulse leg to the upside in this cycle.
🔹 Entry is anticipated at the completion of Wave (4), with targets projected near the previous swing highs.
🔹 A stop-loss is marked just below the Wave (4) support zone to manage risk effectively.
This setup offers a favorable risk-to-reward ratio, especially if price continues to respect the Elliott Wave pattern.
📌 Disclaimer:
This analysis is shared purely for educational and study purposes. It does not constitute financial advice or a trading recommendation. Please do your own research and consult a financial advisor before making any trading decisions.
Wave (1) started the initial impulse move up breaking the previous downtrend.
Wave (2) retraced sharply but respected the Fibonacci support zone.
Wave (3) extended significantly, following typical wave dynamics.
Wave (4) appears to have completed near a key support zone, aligning with previous structure and a possible Fibonacci retracement level.
🔹 We are now potentially entering Wave (5) — a final impulse leg to the upside in this cycle.
🔹 Entry is anticipated at the completion of Wave (4), with targets projected near the previous swing highs.
🔹 A stop-loss is marked just below the Wave (4) support zone to manage risk effectively.
This setup offers a favorable risk-to-reward ratio, especially if price continues to respect the Elliott Wave pattern.
📌 Disclaimer:
This analysis is shared purely for educational and study purposes. It does not constitute financial advice or a trading recommendation. Please do your own research and consult a financial advisor before making any trading decisions.
Note
Target achieved.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.