Natural gas looks to have completed five waves up so now I will be looking for a retracement to around the 4.25-4.37 price range. 1st scenario: If we have a wave 1, wave 2 and wave 3 completed on the May contract then this wave 4 should be a deep correction but should not move below the 4.24 level. This is my main count for now.
Small specs as you can see from the chart above are heavy net long so a deep corrective wave 4 to be in the cards.
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