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MCX Crude Palm Oil: Fifth Wave Rally Is Starting

MCX:CPO1!   CRUDE PALM OIL FUTURES
Main scenario: consider long positions from the control price or support trendline for the target level of 1040 - 1080 - 1100 - 1110.

Analysis: Daily time frame - presumably, the crude palm oil has started an Elliott wave and made the 4th wave, and now it's making a fifth wave. According to EWT , the fifth wave will be completed at 61.8% or 50% of Fib retracement 1+3.

Alternative scenario: breakout and consolidation below the support trendline will allow the CPO to continue declining to the levels of 880 - 760.
Trade closed: target reached