MCX Crudeoil - Forecasting the Next step with EWTMCX crude oil has made the bullish Elliott wave on the 4H time frame. The fifth wave is remaining, and the trend has to cross 3900 - 4000 - 4040 to complete the fifth wave.
Then the trend will fall for a short time to make the A of the ABC correction. After that, it will rise again to a particular level to make the B, and then fall again for a short time to make the C. This is how the trend will complete the Elliott wave pattern with the ABC correction.
But if it falls, then it will be the failure of the Elliott wave. And targets for the fall will be 3700 - 3650 .
As per the indicators............
DMI- ADX is greater than 25, +DI is above the -DI. DMI shows the allover uptrend. RSI is indicating the uptrend, too.
