Futures on Natural Gas (“NG”) has been following a five wave down fractal since Feb 2003.

The low made in Apr 2012 was the bottom of wave 3 down. Then we saw a clear corrective A-B-C move up in wave 4 that topped at 8.175 in Feb 2014.

Off that Feb 2014 top we got a clear five wave down decline in wave A of 5 down that bottomed at 2.25 in Dec 2017.

Off that Dec 2017 low we have got another corrective (a)-(b)-(c) pullback that could be either the whole pullback in wave B of 5 or only its first leg up. At this point I tend to think it was all of corrective wave B o 5 up and NG has started that final decline to a new lower low.