MCX Nat Gas reversal pattern and Elliott Wave Analysis

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 MCX Nat Gas daily chart


From the above daily chart, it is very clear that prices are moving in a positive direction after completion of reversal pattern.

Once the pattern was completed, prices continue to move in a sideways direction which was further converted into possible reversal pattern. Lets understand the reversal pattern first.

The rounding bottom which took enough time to form with reasonable low volumes and once the resistance was taken out, prices move up with more than average volumes. After that a possible reversal triangle is in making which once completed will decide the direction of this counter.

On Waves perspective, prices are moving in (a-b-c) pattern where wave a was a corrective structure followed by wave b in a triangle and once completed wave c will open up higher.

The summation is prices can test 200 levels over short term which can drag prices lower, buying opportunity can be expected at these levels which can soar prices towards  300 to 315 levels over medium term.

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