MCX Crude Oil Elliott Wave Analysis

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 MCX Crude Oil 4 hour continuous chart


Analysis

In the above daily chart, prices continue to move in a lower highs and lower lows which is a negative sign. Also the commodity is moving precisely in a falling red channel thus indicating that there can be more downside left.

MACD is giving a signal of sell as the osc has cut the trigger line from above. However, advance technical open one leg higher before it falls to a new low.

As per wave theory, if the current has ended (assumption), then wave c has not even retraced 61.8% of wave a to wave b, thus I think that wave c will continue to move down and has completed wave i at 5840 followed by wave ii higher which is ongoing and can test 6500-6600 range.

The summation is MCX Crude Oil is all set to move towards 6500-6600 price range before major fall starts.

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