MCX Crude Oil and Elliott/ Neo Wave Analysis

 MCX Crude Oil daily continuous chart


As shown in the above daily chart, prices are moving in higher highs and higher lows and it is precisely moving in a rising channel. Currently prices have arrived near to the resistance of the channel and it seems that upside is not capped.

I have used Neo Wave Analysis to understand the possibility for Crude Oil prices

I firmly think prices after hitting in negative terrain has moved up in an impulse structure and the first wave is undoubtedly is extended. To support this wave 2 need not go below 38.2%, here in this case it is above 23.6% of wave 1.

Wave 3 which is either ongoing or over, is well below 61.8% from wave 1 to wave 2, currently at 50%, it can go up or might be over. In this case wave 4 will be simpler and easy to identify. Basically should not enter in the terrain of wave 2 which is at 6500 levels (as per Neo Wave rule).

Wave 5 will be way shorter than wave 3 and will eventually fuse out close to 7800-8000 levels.

The summation is MCX Crude Oil will continue marching north in the range of 7800-8000 levels over short term.


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