empty
31.03.2023 06:13 AM
Elliott wave analysis of UNG for March 31, 2023

This image is no longer relevant

Our proxy for Natural Gas, UNG, is in the very final stages for the decline from 34.50. We think that a final spike to just below 6.58 could be seen to complete the decline from 34.50 and set the stage for a new impulsive rally back to the long-term resistance at 34.50.

That said, a direct break above resistance at 7.25 and more importantly resistance at 7.88 will confirm the completion for the decline from 34.50 and that a new impulsive rally is unfolding.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Analysis for EUR/USD on January 7, 2025

The wave pattern on the 4-hour chart for EUR/USD is becoming increasingly clear. Since September 25, a new downward structure has been forming, which has already taken on an impulsive

Chin Zhao 15:52 2025-01-07 UTC+2

Analysis for GBP/USD on January 7, 2025

The wave pattern of the GBP/USD pair remains somewhat ambiguous but generally understandable. Currently, there is a high probability of forming a long-term downward trend segment. The current wave

Chin Zhao 15:48 2025-01-07 UTC+2

Analysis for EUR/USD on January 6, 2025

The wave pattern on the 4-hour chart for EUR/USD is becoming increasingly clear. A new downward structure began forming on September 25, which has now developed into an impulsive pattern

Chin Zhao 15:48 2025-01-06 UTC+2

Analysis for EUR/USD on January 3, 2025

The wave structure of the 4-hour chart for EUR/USD is becoming increasingly clear and interesting. Since January 2024, I can identify only two three-wave patterns (a-b-c) with a turning point

Chin Zhao 16:38 2025-01-03 UTC+2

Analysis of EUR/USD on January 2, 2024

The wave pattern on the 4-hour chart for the EUR/USD pair is becoming increasingly clear and coherent. Since January 2024, I can identify only two three-wave structures (a-b-c) with

Chin Zhao 16:21 2025-01-02 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US Dollar Index on December 23rd

Summary Analysis:The dominant wave for GBP/USD has been upward for the past few years, establishing a new short-term trend. Currently, the price is near the lower boundary of a strong

Isabel Clark 14:07 2024-12-23 UTC+2

Weekly Forecast Using Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on December 23rd

Analysis:The dominant short-term trend of the EUR/USD pair has been defined by a downward wave since late August. A corrective wave has been developing since late November in the form

Isabel Clark 13:59 2024-12-23 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and EUR/CHF – December 16

Brief Analysis: Since late August, the British pound has been forming a bearish wave against the US dollar, weakening its position. This segment is part of a larger corrective wave

Isabel Clark 14:46 2024-12-16 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold – December 16

EUR/USD Analysis: The short-term trend direction for the euro major pair is driven by an incomplete bearish wave from August 26. Within this wave structure, the corrective segment (B)

Isabel Clark 14:39 2024-12-16 UTC+2

Weekly Forecast Using Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and US Dollar Index as of December 10

At the start of the upcoming week, the British pound is likely to move sideways near the calculated resistance levels, with the potential for a brief breach of the upper

Isabel Clark 15:59 2024-12-10 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.