MCX Crude Oil and Elliott/ Neo Wave Analysis

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 MCX Crude Oil daily continuous chart


As shown in the above daily chart, prices are moving in higher highs and higher lows and it is precisely moving in a rising channel. Currently prices have arrived near to the resistance of the channel and it seems that upside is not capped.

I have used Neo Wave Analysis to understand the possibility for Crude Oil prices

I firmly think prices after hitting in negative terrain has moved up in an impulse structure and the first wave is undoubtedly is extended. To support this wave 2 need not go below 38.2%, here in this case it is above 23.6% of wave 1.

Wave 3 which is either ongoing or over, is well below 61.8% from wave 1 to wave 2, currently at 50%, it can go up or might be over. In this case wave 4 will be simpler and easy to identify. Basically should not enter in the terrain of wave 2 which is at 6500 levels (as per Neo Wave rule).

Wave 5 will be way shorter than wave 3 and will eventually fuse out close to 7800-8000 levels.

The summation is MCX Crude Oil will continue marching north in the range of 7800-8000 levels over short term.


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