crude oiltrump, will try to stabiles the crude around 60-65. and as chart pattern their is a massive resistance up side and a small head and shoulder is formed. lets see where it goes.
MCX ICOMDEX CRUDE OIL
MCXCRUDEX trade ideas
ICOMDEX & MCX CRUDEOIL – Bigger Picture AnalysisICOMDEX CRUDE OIL
Timeframe: Monthly
It is the ICOMDEX monthly timeframe chart where the price has started a new impulsive cycle from the low of 1270. The price has broken out 20 & 50 Exponential moving averages. RSI is snowing bullish momentum with a 56.97 level.
Wave formation and Fibonacci relationships:
Wave (2) retraced 38.2% of wave (1).
Wave (3) is a power-extended wave with 3.618% Fibonacci extension.
Wave (2) is trading above the starting point of wave (1)
Wave (4) retraced 61.8% of wave (3).
Wave (4) hasn’t entered the price territory of wave (1) and has formed a complex correction of W-X-Y.
Crude oil has accomplished the complex correction and marked evidence by breaking the descending channel of the corrective structure. According to the Elliott wave principle, an impulsive cycle can only be confirmed by breaking out the sub-wave X of the previous correction. If the price breaks out wave X, traders can see the following levels: 10550 – 11500 – 12744+ . Not having confirmation will be the confirmation of the continuation of the corrective phase.
MCX CRUDE OIL
Timeframe: Weekly
As we can see on the above chart, we are getting a similar structure, and mainly the confirmation. ICOMDEX & MCX CRUDE OIL can be a comrade to confirm each other, just like we used to compare Dow Jones with other indices.
If the price breaks out 7657 , traders can trade crude oil for the following targets: 8200 – 8950 – 9950+ . We still need to look at the lower timeframe to connect the worm’s-eye view(Micro picture) with the given eagle view.
CRUDE OIL-Likely surge and a likely break outCRUDE OIL: Bullish pattern in crude oil ,likely rounding bottom pattern,Sharp reversal in RSI Stochastic indicates possibility FOR a break out towards 9500(MCX Crude).Crude holding above does not augur well for the market sentiments.
(View iir for educational purpose only)
MCXCRUDE Making a Giant Head and Shoulder Crude Can Show UpsideVERDICT MCXCRUDE MCX:MCXCRUDEX
Making a Giant Head and Shoulder
Crude Can Show Huge Upside
Caution For Stock Markets
Especially Who Import Crude Oil
Keep Watch
Only For Study Purpose
crude will going to hit maximum target in upcomming daysbecause of the inverted head and shoulder formed in daily time frame.so guys wait and watch
Crude MCX analysis with EWOm Namah Shivay
With Limited data, we are trying to have a View on Crude MCX.
Wave 1 data is not complete in lower time frames. Interesting is if we consider this as an impulse down, then V goes to minus 1800 level which may not be possible. So the structure looks a flat structure.
So the impulse down is invalid. And a flat structure is complete. A new structure is coming into place which is not clear now to predict. From MACD, it is clear that the structure is still in correction range.
Om Namah Shivay
