MCX Crude Oil: Elliott Wave Analysis

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 MCX Crude Oil daily continuous chart


From the above daily chart, it is crystal clear that prices are moving in a higher highs and higher lows and are all set to move higher as per the traditional technical analysis. However, it is difficult to know that how much high it can go from current levels if you do not know the advance technical analysis.

As shown in the chart, prices has found support near its preceding low marked by (4)/ (horizontal line) and from there it is showing sighs of reversal. A candle stick has also formed a long legged, indicating buying at lower levels.

As per Wave theory, prices have completed 5 impulse waves starting from level where it went below 0 (price). It took almost one and the half year to complete one impulse cycle and now it has started corrective pattern where it completed wave a and it is all set to soar in form of wave b.

The summation is MCX Crude Oil is all set to test the level of 5700-5800 over short to medium term as far as 5000 levels are protected on the lower side.

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