Have you remembered the wave analysis for MCX Crude Oil?
Visit here: NSE CRUDE OIL – Multiple Scenario Analysis
In our previous post, we explained that crude oil had formed a corrective pattern on the daily chart, labeled as (W) – (X) – (Y). Within wave (Y), a contracting triangle had formed. At that time, wave D had been completed, and wave E was just starting to develop. We also projected the entire wave E of wave (Y).
Timeframe: Daily
MCX crude oil may have completed wave E at 6020 and started rising. Although we haven’t seen a strong move above the B-D line yet, the wave (Y) triangle is a common pattern to form a double three formation. The ADX of the price is 15.97, while the ATR is 167 due to the correction. The price is facing strong resistance from the upper trendline and has reversed direction five times. If the price breaks out of the upper band of the channel, it will also break the B-D line, which is the only condition for the bulls to outnumber the bears.
Wave D is currently acting as resistance for the price to confirm its motive nature. If the price breaks out above wave D at 7052, crude oil may reach a new high. Otherwise, the price will likely continue moving sideways, and the correction could extend.
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