MCX Crude Oil Anticipated Happened

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 MCX Crude 2 hour chart anticipated on 8th July 2023


MCX Crude Oil 2 hour chart happened on 4th August 2023


Analysis

In my previous article dated 8th July 2023, I had mentioned that, "MCX Crude Oil prices can move higher near to 6800-6900 price range over short to medium term."

On 4th August prices made a high of 6875 levels which is in the range which had mentioned one month earlier. Prices have move up from 6069 to 6875 thereby giving a gain of more than 13% in one month- Anticipated Happened.

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

https://www.marketanalysiswithmeghmody.com/2023/07/mcx-crude-oil-and-triangle-breakout.html

As per Wave theory, prices are moving in wave c where five wave are very clear. The current ongoing wave is the fifth wave of wave c and might terminate near to 7000 levels (Minimum) which is 38.2% of wave 0-3 added to 4.

The summation is MCX Crude can face resistance near from 7000 levels and can open another corrective wave with deeper retracement.

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