Natural Gas Weekly Chart Review

For those wave analysts that think that diagonal waves don’t exist, then by all means try finding some clean impulse waves in this Natural Gas chart (NG).  You might see some very small degree impulse waves,  but overall most all waves overlap each other at critical locations.   I have created an expanded pattern followed by 5 waves that will not work as impulse waves, so we have diagonals waves as our real choice. 

I think Natural Gas is going down in another correction after which NG could soar to another new high. The best scenario would be that a diagonal decline has completed and we end up getting a 5 wave run in Minor degree. This single correction could still keep falling to the 61% retracement, after which it can crank up again. 

At one time I read that they want to rename NG as Methane! Once they do that then they can call NG a greenhouse gas, and tax it out of existence. They don’t like it when they call a fossil fuel “Natural”!  Global cooling would change all that as demand would pick up everywhere. 

Only time will help give us more clues, but if the bullish scenario dominates, then NG  must not crash to new record lows.