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Nymex Natural Gas (NG)

Natural gas jumps further to as high as 4.881 so far but after all, with 4.923 resistance intact, we'd still favor another fall. Below 4.511 minor support will flip intraday bias to the downside. Break of 4.288 will target a test on 3.81 support next. However, note that break of 4.923 will indicate that fall from 5.196 is finished. More importantly, the three wave corrective structure will in turn suggest that rise from 3.81 is still in progress for 6.108 resistance.

In the bigger picture, the corrective structure of the rebound from 3.81 to 5.196 suggests that fall from 6.108 is not finished yet. Break of 3.81 support will confirm this bearish case and revive the case that medium term rise from 2.409 is already finished. In such case, further fall should be seen to retest 2.409 low next. However, break of 5.196 will in turn indicate that medium term rise from 2.409 is still in progress for another high above 6.108

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