MCX Crude: Dynamic move awaits

MCX Crude Daily Chart

MCX Crude is protecting the level of 3500 as it was tested twice in past 2 months. Also 61.8% of the previous upmove (2993-4692) falls at around 3500-3600 levels. I think this will act a crucial support for black gold in coming weeks. 

Wave theory suggests, prices are moving in a zigzag pattern (A-B-C) where wave b was completed in complex correction (w-x-y) and managed to end close to 61.8% of wave A. So if it is Zigzag pattern wave b should not go below 61.8% which in this case it is fulfilled. So after completing wave B wave  C will start which can take prices higher than the end of wave A.

The summation of the above chart is, Crude is set for a dynamic move which can take prices higher above 4692. I think the range of 4700-5000 is where Crude will move in coming weeks.


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