MCX 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...
Crudeoil has started an Elliott wave and made the 4th wave, and now it's making a fifth wave. As per the rules of the Elliott wave, the fifth wave will be completed at 61.8% ( 3648 ) or 50% ( 3600 ) of Fibonacci retracement 1+3 .
The 2nd wave is 61.8% of the 1st wave, the 3rd wave is (more than) 261.8% of the 2nd wave, and The 4th wave is 38.2% of the 3rd...
As per the chart, MCX crude oil is under bearish pressure for a short period. It may fall for 2600 – 2400 – 2160 levels.
The long-term traders must keep their eyes peeled for a crossover into the S-RSI. The crude oil prices will fly into the sky. Be ready for 3200 – 3500 – 4000 levels.
