MCX Crude Oil Elliott Wave Forecast

-
MCX Crude Oil daily chart
MCX Crude Oil hourly chart



In my previous update dated 4th May 2020, I had mentioned that, “Prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.”

It marginally protected the level of 1390 as it made a low of 1388 and reversed completely to conquer my mentioned level of 1755- Anticipated Happened.

Here is the link of my previous article- click here

https://www.marketanalysiswithmeghmody.com/2020/05/mcx-crude-wave-analysis.html

From the above daily chart, higher highs and higher lows are intact which is the sign of trend change.  Also a rising trend line is providing support to this energy sector with RSI still above the center line and below the overbought zone. Last day of the week candle has shown immense strength as it closed near the high of the day.

As per hourly chart, after moving in a sideways action (blue shaded part) prices have given a bullish break which is a clear indication that the short term trend is now positive and it is set to surge near till its immediate resistance which is placed at 2400-2500 price range. However, RSI is in overbought zone and there are high chances that it will relieve from current levels.

As per wave theory, prices have completed wave ii near the blue shaded part, it has now opened wave iii in which wave (i) is on the brink to complete and wave (ii) can drag prices near till 2100-2030 levels, once it is completed wave (iii) will start up and reach till 2400-2500 levels.

The summation is prices might correct till 2100-2030 levels which can be utilized as a buying opportunity as it will soar till 2400-2500 price range.

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 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.
Parshva Enterprises IPO
10 July 2020 at 15:44
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