MCX Natural Gas Neo Wave Diametric Pattern

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 MCX Natural Gas 4 hour chart

Analysis

From the above chart, prices are moving in a diamond shape pattern which recently got completed as it broken the lower trend line of the pattern. Prices are currently trading at 213 levels and the target based on the pattern comes to 182 levels. 

As per wave theory, prices have completed Neo wave diametric pattern which can be a continuous pattern or a reversal pattern. In the above case it is a reversal pattern. There are high chances that prices will falter towards 195 levels where cluster of supports are placed.

The summation is MCX Natural Gas is firmly negative as it can falter towards 195 levels over short term.

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