MCX Crude Oil and 5th Wave Truncation

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 MCX Crude Oil 60 mins chart


MCX Crude Oil has soared to its all time high of 10000 levels in past 2 years from marking an all time low of negative figure, thus gaining 10000% returns, but the rally seems to have now formed a distribution pattern and has also reversed. This is an indication that selling pressure will intensify going forward. I had also mentioned in my previous article that 5th wave will move towards 10000-10200 levels as wave 5 has the tendency to fail, but still I managed to catch wave 5 from 8200 to 9600.

From Waves perspective, prices completed wave 4 in a triangle pattern and wave 5 in an ending diagonal pattern. Also wave 5 is truncated, meaning a failure, where it failed to move above wave 3 as wave 1 was extended. There is a high possibility that prices will sink towards the level of 7500 over short term.

The summation is MCX Crude Oil is set to sink till 7500 INR followed by 5000 INR over short to medium term.

To view my previous article on MCX Crude Oil, click on the below link

https://www.marketanalysiswithmeghmody.com/2022/04/mcx-crude-oil-elliott-wave-5th-wave.html


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