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The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 – 3660 – 3470 can be expected before the uptrend resumes.
If there will be the upside breakout of wave 5 (Protective Stop: 3980), then it’s a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.
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Gold is taking reversal from the strong support (SS) level (48635). And at present, it’s very close to the SS. Can we see a reversal again?
If gold remains above SS, then it can touch the following levels: 49000 – 49200 – 49400
But according to RSI, MA, & DMI, it seems in a downtrend. So, if MCX gold breaks the support level, we may see the following targets: 48460 – 48260 – 48000
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The Gold spot started the bearish Elliott wave on the daily timeframe. Right now, it’s making the 5th wave. It has to cross 1824 – 1800 – 1776 to complete the fifth wave. The fifth wave will complete around 1690.
If there will be the upside breakout of wave 4, then it’s a failure of the Elliott wave pattern. And the target for the uptrend will be as following 1980 – 2000.
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MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline (TP: 159 – 156).
According to this chart, aluminum will not stop here. It is further advance up to 168 – 172 – 176 levels.
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Copper has made the Bullish Elliott wave on the daily timeframe. It’s completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it’s still making it. MCX copper has to cross 585 – 580 – 560. After that, it will rise for a short period to make the B. And it will fall again to make C. But all over, it’s an uptrend.
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Natural gas started to make the head and shoulders pattern on the daily timeframe. First, let’s understand some basics about the head and shoulders pattern. Here, it’s a bearish head and shoulders pattern. In this pattern, the trend starts with the uptrend and makes the left shoulder, head, and the right shoulder. And after the completion of the right shoulder, it falls by breaking the neckline.
In this chart, the trend completed the left shoulder, and the head is almost there. And then it will create the right shoulder. It will fall up to the neckline to complete the formation of the head. And the targets to reach the neckline are as following, 180 – 175 – 168.
After hitting the neckline, the next step of natural gas will be the right shoulder. As per the rules, the right shoulder can be similar to the left shoulder or, it can be at a higher level than the left shoulder. Because the left shoulder is at 203, the trend will march again to 203 to make the right shoulder. To reach 203, natural gas will hit 180 – 190 – 200.
And then the trend will take reversal and fall by breaking the neckline.
Targets: 195 – 185 – 175.
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