Natural Gas futures: Wave 4 triangle in play

Natural Gas Futures continues to consolidate within a contracting Wave 4 triangle, showing signs of coiling momentum before the next directional move.

The decline into ₹128.5 in early 2024 likely completed a W–X–Y complex correction, marking the end of Wave 4 of a higher degree. From that low, price advanced impulsively to ₹407.8, which fits as Wave 3 of the ongoing minor sequence.

Currently, the market seems to be consolidating inside a contracting Wave 4 triangle (A–B–C–D–E) — a textbook Elliott pattern showing diminishing volatility and balanced sentiment before the next leg up.

Key Technical View:

• The E-wave could test the ₹195–205 region before a breakout attempt.

• A decisive move above ₹280–285 would confirm the end of the triangle and the start of Wave 5, with potential targets near ₹440–480.

• The invalidation level stays firm at ₹156.7 — any breach below would negate the triangle structure.

• RSI near mid-range (≈48) supports a coiling setup, consistent with late-stage consolidation.

If the triangle plays out, the next bullish impulse could be a strong Wave 5 toward new intermediate highs.