In a previous article, we noted that MCX Crude Oil was forming the final wave (v) of wave C within wave (Y), signaling the end of the current cycle and the start of a new one. Since then, the price completed this wave and experienced a rise near wave (iv) of wave (Y).
Visit Here: MCX Crude Oil is Gearing Up for the Final Wave 5
The level of 6,495 is important for two main reasons:
- A strong upward move can begin if the price breaks above wave ((iv)) at 6495.
- The breakout zone is near a significant resistance level, where strong selling pressure (supply) is present.
- The price is currently positioned at the middle line of the horizontal value area, indicating a neutral zone where buyers and sellers are evenly matched.
If the price successfully breaks above this level, traders can anticipate a potential rise to at least wave b at 7884. However, the price must sustain the above wave (X) due to strong resistance to prevent bears from regaining control.
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Amazing analysis, loved the clarity!
Perfect explanation, easy to follow.
Hello sir, Loved the depth of your analysis