Will ICOMODEX Energy Reach 7500 Before March End?

Free mcx energy index calls

ICOMODEX Energy is forming an impulsive wave 3.

Price has finished the corrective wave (iv) of wave 3, and the price is establishing an impulsive wave (v) of wave 3.

Price is about to make the last leg v. If the price breaks the high of wave iii, it can make an upward move of 7135 – 7290- 7355 -7477.

After the accomplishing of wave 3, the price will fall and break the acceleration channel.

What are the turning points for the prices?

+ Wave 3 can finish at 2.618 (7477) reverse Fibonacci retracements of wave iv.
+ Wave 3 can finish at 2.618 (7167) reverse Fibonacci of wave (iv)
+ 3rd wave can end after the breakdown of sub-channel.

I will upload further information for intraday traders.

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EWT: Will Crude Oil Reach 7000?

Free mcx crude oil chart tips

Crude oil is forming impulsive waves ((5)).

After the completion of wave ((3)), the price had started complex running flat of the corrective wave ((4)).
Wave B has crossed the high of wave ((3)), but wave B couldn’t break the low of wave A.

Price has made a failure of swing low, which was a rejection of a downtrend, and crude oil gained momentum.
Price has exceeded the sub-wave B of wave ((4)).

Sub-wave 4 of wave ((5)) is in progress.

If their price breaks out the high of wave 3, we can expect the following target for final sub-wave 6697-6785-6865+. It means the price has bullish sentiments above wave three and vice versa.
Breakout of the parallel channel shows the weakness of the impulsive wave. Note that wave four can never overlap the starting point of wave 1.

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Is Silver(XAGUSD) Ready For Trend Change?

free forex currency xagusd silver chart calls

Silver(XAGUSD) has formed a downtrend channel for more than 48 weeks. Price has made a high of 30.03, and sellers entered the market.

Price Action Perspective:

Price has made a series of Lower Highs and Lower Lows, and the control line gives nine touches.

According to Dow theory, if the price breaks the previous LL, it will make a new LL. The upper band & lower band has provided strong reversals to the price.

After breaking the LL, if the price gives a breakout of the downtrend channel, it indicates the worst fundamentals. And if the price gets reversed to create the lower band of the downtrend channel, the price will march to the upper band touch.

Elliott Perspective:

Price has constituted a corrective structure, where price has completed double zigzag(w-x-y).

It will create the last leg wave Z in order to complete the Triple correction. After making the last leg Z, silver will start a five-wave impulsive wave.

If you are a premium subscriber, you can unlock the premium box for XAGUSD.

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Will Mentha Oil Touch 960 Level Again?

free commodity mcx menthaoil tips chart

MCX Mentha oil can bounce here. It can retest the 960. The intraday & short-term investors should enter around the support trendline for the targets of 926 – 936 – 958.

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MCX Gold & Mentha oil Tips & Updates

PART 2: When Will MCX Gold explode?

free commodity gold chart tipsOn 15 Feb 2021, I have written an article on Gold. First, click below & read again:
When Will MCX Gold explode?

I have written in that article, “If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200“.

Gold has touched all targets.

free commodity gold tips

NEW UPDATE:
Keep eyes on the retracement value of 0.618. It will act as a resistance.

Targets: 44260 – 43600 – 43000 – 42260

Alternative scenario: If gold remains above 45200, it may try to hit 0.382 (TP: 46000 – 46800+).

UPDATE: Mentha oil – Profit Booking Time

How many of you bought Mentha oil after reading this report?
MCX Mentha Oil Overall Outlook Is ‘Strongly Bullish’

free commodity mentha oil chart tips

Mentha oil made a high of 964.9 yesterday, and the first target has come.
Approx. Profit /L = Rs.15,000+

The short-term investors can book profit here. As I mentioned in the above chart, it’s MA crossover time. It may move sideways.

Overall, it’s in an uptrend. Hence, the targets will remain the same.

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