Elliott wave and technical analysis on Natural Gas

Natural Gas - Continues to decline, but where are the next supports. The next big support that I have is near 1.96 where wave C down is equal in length to wave A (see the upper chart). If this support breaks too the next long term supports comes in at 1.76, at 1.61 and at 1.25.

With a low at 1.972 yesterday we only need a little more downside to fulfill the target at 1.96. I do think this is a classic case of overshooting. Looking at the 4 hour chart at the bottom the last part of the decline from 2.84 looks like an ending diagonal (wedge) they normally for-say a quick snap-back once the bottom is in place and to my conviction it will be soon. That said one should wait for confirmation in form of a break above 2.20 and more importantly above 2.38.

All in all the downside should be limited from here, but when overshooting is in action it's very difficult trying to pin-point the bottom.