Natural gas and GBPCAD Mid-term Look – Elliott Wave
Natural gas made a big five-wave decline from the 5.00 psychological lvl., and in the final part of this impulse unfolded a potential EW ending diagonal within wave five, with support near the 2.03 area. If that is the case, then a three-wave reversal can now follow towards the 2.7/3.8 area.
Natural gas, daily
Another mid-term view that we are looking at is the GBPCAD chart, where we just got a strong CAD after the BOC.
GBPCAD is in wave 4) and after that drop, seems like it is going to be a triangle. In such case, be aware of more sideways price action to complete waves D and E before a breakout into a new low for wave 5 towards 1.57 area.
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