harshit22

Crude Oil ready for Explosive Move !

Long
harshit22 Updated   
MCX:CRUDEOIL1!   Crude Oil Futures
Background: Crude Oil made a high of 9996 during the Ukarine war which also marked the end of wave 3. This followed 4th wave with a flat correction (Marked as ABC) which finished at around 5290.

Current Scenario: We are in minor wave 3 of sub wave 3 of major wave 5 (shown on chart)

Trading Strategy: Buy on Dips. The entry, stop loss & target are mentioned on the chart
Comment:
Crude oil reached a low of 6345 (on MCX), testing our entry zone. For the last three trading sessions, it recovered quickly, indicating the third wave personality we had predicted. Let's observe if the wave 3 personality is sustained.
Trade closed: stop reached:
Based on our analysis, it seems that a new impulse could be starting, but the price appears to still be in a corrective phase. It looks like the minor wave 4 of wave 5 of wave C has just finished, and we may witness the end of wave c in the near future. Once that occurs, we can proceed with planning for the next trade.
Comment:
looks like Minor wave 5 of wave C had ended and we might see an ABC correction/impulse till 6600 levels
Comment:
Crude oil is nearing 6600 levels. We can plan to book some profits at this levels. Though its headed for 6700+ levels, but lets follow our trade plan and lock in the profits
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