FX.co ★ Elliott wave analysis of Natural Gas for May 27, 2022

Natural gas (NG) is making new highs for the rally that started back in late June 2020 at 1.44. The new high confirms that wave 5 is still unfolding towards our target at 11.03 however, we need to stress, that the fifth wave within the commodity complex often extends in runaway rallies and we could easily see that for NG too. If a runaway rally is seen, then we should see 16.03 or maybe even higher levels tested before the rally from 1.44 comes to an end.