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Is Crude Oil forming wave (5) of its wave cycle?

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free commodity MCX crude oil daily chart tips

free commodity MCX crude oil daily chart tips

Is MCX crude oil downtrend a trap?

According to the Elliott Wave analysis on the crude oil daily chart, it has completed wave (4) and trying to move out from the Parallel channel’s (PC) control line (CL). If that successfully remains above CL, crude oil prices will hike from CL to the resistance line of the PC. That’s a direct call for target levels of 7800 – 8000 – 8360 – 8880+ for short-term investors.

Long-term investors must focus on the wave (5). Black gold will touch the level of 10000 and march for the level of 11000 on the 5th wave completion.

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