HIgher degree correction in Crude oil
Elliot wave in progress in crude oil
wave X is as a leading diagonal, waveY is complete as corrective and wave Z is in progress.
MCX:CRUDEOIL1! is taking support and also falling channel is there and if we draw fibo from DEC 2021. to. 8 march 2022 then we near 0.5% fibo ( 50% retracement )
if we cross channel we can see a good rally in upwards direction
In continuation of the previous trade , We need to close the trade and wait for re-entry on the selling point again or reversal of the trade.
Personally, I will root for the buy trigger.
Expecting a stock market crash if crude oil breaks upside from here further on.
But chance of that is low.
So expecting a crash in crude oil and rise in the markets. But neither buy side or sell side triggered!
Let's keep entry points both side.
Crudeoil 1hour time frame crudeoil has resistance at 7301-7280 levels if sustain this levels we can see can oil can fall till 7080 level just for educational purpose only
Crudeoil broken major support levels in daily chart next support levels would be 6333 if sustain at this levels we can see upside move 6900 to 7550 levels if not sestina it may fall till 6000 - 5900 levels just a view for educational purpose only
Crude short (11 Aug)
RSI- 50
Sell at CMP- 7277 or at 7295
SL- 7340
Target- 7202, 7139, 7085
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Charts and views are only for educational purpose.
Just placed my idea in Position drawing.
Red Zone: Resistance or Breakout Zone
Grey Zone: Repeated Hurdles (Support/Resistance)
Green Zone: Support or Breakdown Zone
Note: BUY above Red Zone
BUY at Green Zone.
SELL at Red Zone or Trail at Grey Zone
Just follow the Entry & Exit. Trail SL after 1:1 to Cost + Brokerage.
Also you can ask for my views on any chart.
MCX - Crude Oil - Swing BUY Setup
MCX:CRUDEOIL1!
After recent sharp fall in crude oil now it seems the market has made short term bottom in US Markets around 85 USD and now it seems it will start the sharp upside again .
Do Comment , share and "LIKE" if you find this info valuable to use .
Happy Hunting ,
Chintamani
Disclaimer.
I am not SEBI...
Explained on the chart. Believe it or not - is up to you. This is my personal opinion- not to be construed as a trading recommendation. Do due diligence. Follow your own method/system.
NOTE:- This is my first analysis on commodity. Like it or not- PRESS "LIKE" button to find gems in future.
keeping 7190-7200 as sl
looking for upside
more strong above 7330-40
trendline along with support, resistance levels keeping in mind
disclaimer - for study purpose only
![CRUDEOIL1!: [Commodity] Crudeoil Channel and Market Overview](https://s3.tradingview.com/p/pT4s8OUV_mid.png "[Commodity] Crudeoil Channel and Market Overview")
![CRUDEOIL1!: [Commodity] Crudeoil Channel and Market Overview](https://s3.tradingview.com/9/9HUpZCY5_mid.png "[Commodity] Crudeoil Channel and Market Overview")
