#crude analysis on weekly time frame:- Looks like we are in Wave C of the correction and we might see #crude get melted off.
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MCX Crude Oil Futures MCX:CRUDEOIL1! giving signs of exhaustion after recovering from downfall .
expecting the fresh sell off trend to begin for potential targets zone . As per the Pattern expect the selling pressure to remain below 7800 levels .
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WTI has been forming a flat A-B-C correction.
According to Elliott's wave projection, the oil future looks bearish.
Oil Future has accomplished wave A at 193.17 , and sub-wave (c) of wave ((B)) is creating an ending diagonal.
The ending diagonal is a formation of five waves. WTI is to occur in wave 5 of an ending diagonal.
If you are a safe trader, you can...
After a 2020 crude oil recovered and makes new all time high of 9996. Crude oil completed it's 5 wave impulse move in the month of march and from that time it's making a correction. As per current price action crude making a expanded c wave flat correction. Crude can go up to 6000 or may be lower than that but major strong support will be 5000.
WTI Crude @ 111+ from 101 odd levels.
Is the technical Pullback over...
Watch out for 111.8-112.8 levels for more resistance...
108 to be small support
Even if it breaches 113 still 115 levels will act as resistance...
All other levels marked.
LEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern.
Buy Crude oil :...
Crude Oil continuous futures contract on the weekly chart seems to have pulled back from its decade+ old trend line breakout. Breakout happened in Jun'21 and crude bounced back on the trend line. We have seen successful bounce from the trend line support and can expect the price to turn bullish from here on the weekly scale. If so, 76 would be the immediate target...