MCX Natural Gas Elliott Wave Analysis

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 MC Natural Gas 240 mins chart

Analysis

As seen in the above chart, prices are moving in a lower highs and lower lows which is a negative setup. Off lately, prices have managed to break the falling red channel which gives a positive sign. Along with that RSI has started exhibiting positive divergence which opens the possibility that downside is capped.

Wave theory suggests, prices have possibly completed wave c in which wave iii was extended. Currently prices have moved higher but it is important to see if it sustains above 195 levels. If it does then there are high chances that prices will move towards 260-270 price range in the form of wave i. If not then it is wave iv and wave v lower will unfold.

The summation is as far as 195 is intact on the downside there are high chances that MCX Natural Gas will surge towards 260-270 price range. If it fails to protect the above mentioned level then it can move towards 179 levels.

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