Subscription: Crude Oil & Nat Gas
NG has several alternative paths here
We are watching a potential major bottom in Natural Gas. To complete move down we need to get a full (a)-(b)-(c) down of the wave ( v ) down. So far none of the counts I watch can give me confidence about its completion. I would call the first primary count “Keep it Simple”. It is pretty straightforward count that implies that wave ( a ) of ( v ) and wave ( b ) of ( v ) have completed. And we are in teh very final move down in wave ( c ) of ( v ). Under this count we only need that wave ( c ) of ( v ) to follow an impulsive structure and be at least a little bit longer than wave ( a ) of ( v ).
NG- 120 min chart updated at 4-00 PM on 8-5-2019 ("Primary Count")
On the chart above one problem is that wave b up looks like an impulsive wave. Normally it is structured as a-b-c. That gave me idea that we are still inside that wave b up. To complete wave b up we may need another rally. And only then we will get the very final drop in wave c of v. That scenario looks really bullish but most likely I will not be trading it. Because waves b is the least reliable trading vehicle. They can terminate any moment and follow ugly and hardly predictable structures.
NG- 120 min chart updated at 4-00 PM on 8-5-2019 ("Alt Count")
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