The "good news" about the action in Natural Gas off of last week's new multi-month high at 4.532 is that the form of the weakness is corrective, which tells us that it is a digestion period ahead the initiation of another upleg.
But there might be some "bad news" lurking within the pattern.
My preferred near-term scenario argues that the Dec 22 high ended the entire upleg from the Nov 5 low at 3.379, and that a larger, deeper corrective process is "needed" prior to the start of a new upleg.
If my work proves reasonably accurate, then I cannot rule out another loop down from the area of the Dec high, that breaks the Dec 27-pullback low at 4.340, in route to 4.22-4.16, and perhaps towards 4.09-4.05 prior to the launch of a powerful upleg to 5.00-5.10 thereafter.
With the foregoing in mind, I remain on the sidelines looking for my next optimal re-entry into a new long position.