Natural Gas has exploded from another major bottom, but it started with no clean impulse waves, except for very small degree levels. This gives me a clue that Natural Gas can be in a big fake bull market, or possibly a “Primary degree “B” wave bull market.
The recent decline sure looks like another zigzag in the completing stages, and if this is true, then NG should blast much higher again. Besides closing all the open gaps on the decline, NG also has a big open gap well above present prices. This gap should get close. I don’t have the time to keep very detailed intraday wave counts on NG, so every wave position will be a best case scenario. It takes a very long time to build a decent wave count on anything and Natural Gas has mostly diagonal wave structures in it, going back to the 1980’s.