MCX Crude Oil Anticipated happened and Wave forecasting

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On my previous update dated on 11th June 2016, I had mentioned that MCX Crude will test the support of the channel and test the level of 3100.

Prices on 16th June 2016 tested the support of the rising blue channel and marked a low of 3115 which was closer to my mentioned level on 3100- Anticipated Happened.

After marking a low of 3115, prices showed a strong bounce from the support of the channel. It is now expected to cross its previous high and can go even higher.

As per Wave theory, the possibility for MCX Crude to move up in a double correction is showing higher probability. As it is a channelized move and it is precisely moving in a (a-b-c-x-a-b-c) pattern. After completing x it is now moving higher to start the second correction and the wave a of it.

In short, expect prices to move above 3450 levels and can test 3570 levels in near term.

MCX Crude 1st Month Contract (11th June 2016)



MCX Crude 1st Month Contract (20th June 2016)


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