MCX Crude Weekly chart and Elliott Wave forecast

MCX Crude Weekly chart

From the above weekly chart of MCX Crude, prices are moving in a range of 3700-4700 levels. As far as prices persist in this above range, no trending move is expected. Also a keen observation, moving average of 50 SMA is been whipsawed many times giving an indication that there is no clear trend. 

 From weekly waves perspective, prices are probably moving in a triangle pattern in which last leg which is wave e is on its way. Now wave e may or may not test the upper trend line of the triangle pattern or a-c line. Once wave e is over prices will dip in wave c down which will be a trending move. 

Weekly RSI is above the center line, giving an indication that prices are positively poised and can move up going ahead.

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Phani Kumar said…
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