Will there be a short term bounce back in MCX Crude?

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Rising tensions in middle east has dragged the prices of Oil to its 11 year oil in the global market. MCX Crude oil also faced the heat thus giving up 410 points in last four days. Crude oil is moving is a firm down trend. However it has arrived near crucial support.

From the below chart it is clearly visible, that prices are moving in a downward sloping red channel. On Friday prices closed near the support of the falling channel clearly indicates that short term bounce back can't be ignored.

From Waves perspective, Prices have completed double corrective pattern (a-b-c-x-a-b-c). Now prices will move higher in the form of new leg. 

In short, the downside seems to capped as prices can witness a bounce back to test the level of 2300 over short term.

MCX Crude Oil Daily chart




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