MCX Crude Oil and Elliott Wave Analysis

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 MCX Crude Oil 2 hour continuous chart


Analysis

From the above chart, MCX Crude Oil has started moving in a lower highs and lower lows. Recently the low of 6524 marked on 26th September 2022 was breached indicating that Crude Oil is in stealth bear trend.

In the lower panel, it is very clear that ADX has picked up momentum has is above 30 levels suggesting that the downtrend is very strong.

As per wave theory, prices have completed wave B in a flat pattern and has opened wave c lower which can go till 5637 followed by 5082 which is 61.8% and 78.6% from wave a to wave b.

The summation is MCX Crude Oil is negatively poised and can move down towards 5637 levels over short term followed by 5082 over medium term with resistance placed at 6954 (intraday basis).


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