MCX Crude Oil Elliott Wave forecast

-
MCX Crude Oil Daily chart


MCX Crude Oil hourly chart


In the above daily chart of Crude Oil, prices on Friday were up by 14%, which is a mammoth move after the 30% fall this year. Now it is important to see if this is a reversal. Prices have crossed its intermediate high which is the first sign of change in trend.  This again opens the possibility that prices are set to move near till its previous high. Daily RSI is also moving from the oversold terrain.

In hourly chart, the crude oil is moving in a lower high and lower formation when it was moving lower, but RSI was not which can be termed as a positive divergence (marked by black line).

As per wave theory, Crude Oil has completed five waves down to complete wave c. This means that new leg on the higher side has started which can soar prices much higher.

The summation is, prices are poised to move higher near till 2180-2200. A sustainable move above this level can surge it near to 2290 levels with support of 1940.

Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/-

Elliott and Neo Wave analysis is conducted for 4 days, this is an advance technical course suited for professional traders. Each day 4 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.
Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Indiabulls
18 July 2020 at 15:08
Post a Comment

Popular posts from this blog

USDINR: Will it cross 83.00?

-
Image
 USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi
Read more

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

GOLD and Elliott Wave Counts

-
Image
 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
Read more