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