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:
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The E-wave could test the ₹195–205 region before a breakout attempt.
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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.
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The invalidation level stays firm at ₹156.7 — any breach below would negate the triangle structure.
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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.
