MCX Crude Oil Elliott Wave Analysis (Impulse Wave)

 MCX Crude Oil daily continuous chart

From the above daily chart, prices are moving in a higher highs and higher lows without breaking its previous higher bottom. However, RSI is in overbought zone and can possibly relieve from this zone, but it is also observed that, it can remain in this zone for day or even weeks.

As per Elliott Wave Analysis, prices are moving in an impulse wave in which it has completed wave i-ii-iii and wave iv. It is currently moving in wave v which looks to be extended, in which it is moving in wave (iii), once it is over it will start counter wave (iv) and then cross its previous top to complete wave (v) of wave v.

The summation is prices are positively poised and can make a new high going ahead, the downside support is at 5150-5180 zone on the upside, prices can test 5800-5830 levels over medium term.


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