MCX Crude Oil Anticipated Happened and Elliott Wave Analysis

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 MCX Crude Oil daily continuous contract Anticipated on 7th December 2021

MCX Crude Oil daily continuous contract Happened on 27th December 2021



From the above chart, MCX Crude Oil which was trading at below 5500 in the first week of December 2021, I had mentioned that, " MCX Crude Oil is all set to test the level of 5700-5800 over short to medium term as far as 5000 levels are protected on the lower side." - Anticipated Happened.

Crude Oil touched 5700 on 27th December 2021 thereby achieving my first target. To read the previous article on MCX Crude Oil, you can click on the link here


As per Elliott Wave theory, I have counted the recent rally as wave b which can be a flat, the minimum criteria of flat is at 6100 which will eventually turn into normal flat pattern followed by irregular. My next target after it surpasses 5800 will be 6100 followed by 6400.

The summation is MCX Crude is positively poised and can move higher near to 6100 followed by 6400 over medium term.

Comments

Desitrader said…
Excellent information Mr. modi
8 January 2022 at 08:45
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