MCX Crude: why I was bullish

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MCX Crude hourly chart


I was bullish for crude from last week as soon as it tumbled from 4200 to 3800 levels. I had tweeted too about it that it will surge. I have still not shown the wave counts but you can learn Advance technical analysis which is Elliott Wave and Neo wave,a two day webinar running for over 15 hrs costing 15000/-. It is scheduled on 21st and 22nd Sept. For registration call 9324174580 or mail meghmody@gmail.com.

Here is the analysis

From above hourly chart, prices have found a solid support near 3820-3800 levels as far as it is intact it is likely that prices are positively poised and can move higher going ahead. Breach of this level will infuse selling pressure and also there will be long unwinding. 

As per wave theory, prices have completed wave  ....near3840 odd levels which is a five wave structure. Now it is difficult for prices to move down. If it does then I have to force myself to change my wave counts. I believe that wave... is over and wave... will start which can push prices higher till 4200 as of now. Also the internal wave counts of wave ii which is (a-b-c) where wave c is 161.8% of wave a to wave b as seen in the chart. 

The summation of the above two chart is, MCX Crude is at crucial support, as far as 3800 is intact, prices can move higher till 4200 in coming week. However, if 3800 is broken even on intraday basis then the above target will be negated. 

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