MCX Crude Oil Head and Shoulders and Elliott Wave Forecasting

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 MCX Crude Oil 2 hour chart


In my previous update I had mentioned that Crude Oil can move towards 7000 levels and from there it can open deeper retracement possibility. 

The commodity has started moving down in corrective wave and can stumble further as expected.

To read my previous article, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/08/mcx-crude-oil-anticipated-happened.html

Currently prices are moving down in a double correction (a-b-c-x-a-b-c) where it is in the process to complete wave x near to 6700 levels and from there it will open second corrective wave which will start from wave a by breaking its previous low. The first correction was a zigzag and second can be a zigzag or flat which will then change the correction name mentioned above.

The commodity has also formed bearish head and shoulder pattern and the target of the pattern comes to 6100 levels which is also 61.8% of 5524-7026 levels.

The summation is MCX Crude Oil is expected to tumble til 6200-6100 levels over short to medium term with negative bias.

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