I think natural gas is getting ready for a nice bounce over the next few weeks/months. I think UNG (nat gas ETF) could retrace up to $41-45.
It looks like a 3-wave decline has unfolded from the July peak. Price has carved out a brutal and extended correction with few bounces. However, notice that WaveC formed as an ending diagonal. Volume has been dropping throughout WaveC and MACD is showing strong positive divergence.
Also, COT data shows that commercial traders are extremely long natural gas. See this link for a COT chart (select "Natural Gas", "Commercial Hedger", and "Two Years" in the drop down menus). They are more net-long than they were last winter when price started it's strong spring rally.
There could be one more low, but I think if price rallies above the upper descending trendline, it will head up to $41 or even $45.