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IS MCX Natural gas is Preparing for A Skyrocket?

Free mcx naturalgas chart calls

Free mcx naturalgas chart calls

Timeframe: Daily

After reaching a peak at 801, the price underwent a significant bearish movement, amounting to more than an 83% decrease. This decline is categorized as an impulse, with a potential alternative being an A-B-C corrective structure. Currently, the price is situated below the 50/100/200 Moving Average lines, indicating a prevailing bearish sentiment.

Applying the Elliott Wave Principle, it appears that the price has completed a complex correction for wave (4) and has initiated a descent for wave (5). Within this sub-structure, wave 3 of wave 5 is currently unfolding. It is anticipated that wave (5) as a whole could terminate near the 50% retracement level of waves 1 through 3, around 136. Alternatively, it might reach the 61.8% retracement level at 110. The confluence of levels at 110 is expected to serve as robust support for potential buyers. 

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