Butterfly Still in Play for Natural Gas NG!
Butterfly still in play [Time of analysis 18-Jan-23; price is 3.415]
1) XB should be 0.786. Here we have 0.794 so I would accept it. Tick
2) AC should range between 0.392 to 0.886. Here it is 0.774. Tick
3) BD should range between 1.618 and 2.618. Here it is 2.128 [=3.343]. Not complete yet but Trending!
4) XB should range between 1.27 and 1.618. Here it is 1.493. Not complete yet but Trending!
Let's see what the price action does. I believe a reversal is due now to the upside.
Note: XB to 1.618 would be at the price of 3. So still downside risk.
1) XB should be 0.786. Here we have 0.794 so I would accept it. Tick
2) AC should range between 0.392 to 0.886. Here it is 0.774. Tick
3) BD should range between 1.618 and 2.618. Here it is 2.128 [=3.343]. Not complete yet but Trending!
4) XB should range between 1.27 and 1.618. Here it is 1.493. Not complete yet but Trending!
Let's see what the price action does. I believe a reversal is due now to the upside.
Note: XB to 1.618 would be at the price of 3. So still downside risk.
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