MCX Crude Anticipated Happened

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 MCX Crude Oil daily continuous anticipated on 17th Dec 2022


MCX Crude Oil daily continuous happened on 26th December 2022


Analysis

In my previous article, I had mentioned that, "MCX Crude Oil is all set to move towards 6500-6600 price range before major fall starts."

In no time the black gold moved higher and achieved my mentioned level - Anticipated happened

To see my previous article on MCX Crude, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2022/12/mcx-crude-oil-elliott-wave-analysis.html

As seen in the above chart, prices are moving in a lower highs and lower lows which is a negative setup. It is also moving precisely in a falling red channel. At current juncture, Crude Oil prices has arrived near to the resistance of the channel. It is imperative to see if prices cross this resistance or continues to falter.

Any move above 6800 will give a bullish break in falling channel pattern. If prices break the level of 6200 on the downside then it will continue to plunge towards 5700.

From waves perspective, prices are moving in a corrective formation which can be a part of higher wave c. In wave c it might be moving in wave ii. However, failure to protect the level of 6800 on the higher side will negate the downside move and wave c will be over at 5849 levels.

The summation is MCX Crude Oil has a crucial resistance at 6800, a move above this level will open positive possibilities. If prices break 6200 without crossing 6800 then it might falter towards 5700 levels.

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