$NATGAS possibly in consolidation PEPPERSTONE:NATGAS price after a 2 month period of gains followed by 2 months of losses appears to have found support near the 2.0$ area.
It appears the uptrend in April-May is captured by the 3rd Elliott wave which indicates the highest possible advancement upwards while the loses during June-July can be captured by the retracement wave following Elliott's theory. This is in confluence with price crossing upwards the 50-200 EMA during April-May, while in June-July price dropped bellow the 50 EMA and has been in retracement since without clear signs of uptrend continuation in higher timeframes (i.e. 4h, 1d etc).
Furthermore, from Elliot and Weis wave oscillators it appears that the biggest waves upwards and downwards for the above period have occurred, therefore the subsequent period will probably be followed by a series of consolidation price action until we have a new breakout.
PS: The sellers orderblock was twice as large compared to the buyers orderblock at the 1d chart, indicating strong bearish potential should price reach near the 3.0$ again.
PPS: I'm not a financial advisor, these are just my thoughts (open to criticism) as I am trying to understand and prepare as best I can for future events regarding the stock.
