MCX Crude Oil Elliott Wave Analysis

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 MCX Crude Oil hourly continuous chart

In hourly chart, the energy commodity is moving in a sideways pattern in a range of 3050 to 2750 levels, as far as price persists in this range no trending move is expected. Within this range, there is another range marked by two horizontal lines, it is important for prices to break this range which can open trending move. RSI is above 50 which is a positive sign.

As per Wave theory, prices wave a at around 3050 followed by wave b which has gone till 2750 and wave c in which wave i and wave ii is completed, where wave ii is in flat pattern and wave iii has started higher which can go till 3150, 100 of wave i (minimum extension).

The summation is MCX Crude Oil can move up till 3150 with support placed at 2880 levels, the bias is strongly positive.

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