Timeframe: Daily
MCX Crude Oil has completed wave ((3)) at 9996 and has begun its corrective wave ((4)). Due to the sideways movement, the 20, 50, 100, and 200 EMAs have remained flat for the past 23 months. The ADX of the price has decreased to 14.7, indicating a weak trend, while the ATR of the price has dropped to 199, suggesting reduced volatility.
The price has completed wave 4 of wave (C) at 6495 and has begun its decline into wave 5 of wave (C). The wave (C) pattern is forming as an ending diagonal, characterized by a 5-3-5-3-5 structure. After the completion of wave (Y), the price is expected to enter an impulsive formation.
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