Commodities
MCX Natural Gas Price Completes Five-Wave Impulse to Record High
The MCX Natural Gas price experienced a significant five-wave advance from its 2020 low near 110.5 to its 2022 high near 801.
This pattern, known as an impulse wave, is characterized by the alternating direction of each wave. Wave I advanced from 110.5 to approximately 251.3, followed by a correction in Wave II to around 165. Wave III then extended strongly from 165 to about 485, before declining in Wave IV to around 265.5.
The final wave, Wave V, pushed the price up from 265.5 to the major peak near 801, completing the larger five-wave impulse.