Weekly Natural Gas (NG)
Natural Gas certainly has been surprisingly and acutely weak for the past 7 weeks, falling a whopping 48% from 12 year highs, which makes it all the more shocking when overlaid on the global energy situation.
That said, my big picture pattern work argues that the upmove from the January 2021 multi-decade low at 2.77 to the August 2022 12 year high at 10.16 exhibited bullish structure, which tells me that the 70% give back of the advance represents a very DEEP CORRECTION of the initial phase of a budding, longer-term bull phase that projects to 14.00.
If such a scenario has any merit at all, then the current vertical nosedive in Nat Gas needs to hold in and around support residing from 4.60 to 4.30, which is the next zone from where my work identifies a bullish Turn Window.
Otherwise, any forthcoming rally from above the Turn Window that climbs and sustains above 5.80 will trigger initial signals that the vertical nosedive is exhausted, and that Nat Gas already is in The Turn... last is 5.275 off of an intraday and 7 month low at 5.253...