MCX Natural Gas: Elliott Wave Ending Diagonal

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 MCX Natural Gas 60 mins chart


MCX Natural Gas has shown tremendous rally in past one year but it seems that the rally is poised for a breather, the reason being is a distribution pattern happening at the top. This distribution pattern in technical terms is known as rising wedge pattern.

From Waves perspective, prices have completed five wave up (impulse) and it is all set to correct. In the fifth wave Nat Gas has formed ending diagonal pattern which concludes that the upside is on a halt and the likelihood of prices to falter is plausible. Prices are set to move back towards 520-500 levels where cluster of supports are placed including 0-2 line.

The summation is MCX Nat Gas is all set to plunge till 520-500 levels over short to medium term.

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