Updated
MCX Crude Palm Oil: Fifth Wave Rally Is Starting
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.
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
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.