I’m going to use the weekly UNG chart for the big picture and then switch to the daily natural gas futures chart for the fine details.
You know that I’ve been looking for a low to form either late 2019 or 2020 and we are there or very close to it. The ideal cycle low is two weeks away but are certainly in the window for a reversal.
On the daily chart of NG, you can see where there could be a completed five count down from the early November high. So far, 2.10 has held for the last three days. Price over the high of today would be the first indication that a reversal is taking place. This coincides with a possible cycle inversion that would imply a rise into early February.