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NG has a complete macro and micro structure of multi month decline
The move down off the top made at 5.145 in Nov 2018 looks like the final subwave C of wave 5 down that should complete multi year decline in NG prices.
That final subwave C should be structured as the Five Wave down fractal.
NG - Weekly chart updated on 1-19-2020
If we zoom in to the Daily chart we can count those five micro waves down inside that subwave C of wave 5 down:
NG - Daily chart updated on 1-19-2020
Ideally we should be able to count five waves of one degree lower in that final subwave ( c ) of wave ( v ) of C of 5 down
Let’s zoom-in to 30 min chart:
NG - 30 min chart updated at 11-00 PM on 1-19-2020
This final micro subwave c of v has tagged 123.6% ext of a of v.
That is a solid extension but it does not guarantee its the bottom.
It can stretch lower, for example to 176.4% ext at 1.722. But that would make the final wave v down too large.
That emotional spike during low liquidity hours is a perfect way to complete multi month decline.
It has a complete macro and micro structure.
We can not control the price. It has a solid bottoming pattern and we can only wait to see if sellers stop here…
NG - 30 min chart updated at 11-00 PM on 1-19-2020
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