MCX Crude Oil: Elliott Wave 5th Wave

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 MCX Crude Oil daily chart


MCX Crude Oil is all set to rise again and can also move above its previous high as higher highs and higher lowers are intact. Secondly the shift in the angle has changed which can be verifies as it has broken the rising channel on the higher side. RSI has also relieved from the over bought terrain which is a positive sign.

As per Wave Theory, prices have completed wave 4 in simple zigzag and it has started moving higher in the form of wave 5 of an impulse.

Wave 1 was extended, wave 2 has not even moved below 38.2% of wave 1. Wave 3 is not 100% of wave 1 which opens the possibility that wave 3 will be shorter than wave 3.

In this case, 5th wave can move up till 10000 -10200 levels over short term.

The summation is MCX Crude Oil is positively poised and can move till 10,000-10,200 levels over short term

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