Elliot wave counts on daily have been published on chart.
Divergent RSI confirms the Wave 5 view, but would need a price confirmation. Longs should be cautious and tightly trailing stops, those watching from sidelines need to stop a reversal opportunity to go short
After the y'day upside move in final few hours and earlier today, crude has retraced to .618 levels of previous rise.
this should be a good area of value for fresh longs with stops below .786 fib.
In another alternate scenario, the retrace can get deep to .786 fib and bounce from there.
Entry should be based on a bullish candlestick setup in minimum 15 min tf.
Crude after witnessing a 10% intraday fall, is about to close a bullish hammer/gravestone doji candle.
with low of this candle as SL, long is a good R:R trade.
Buy when price starts moving above the high of hammer/dragonfly doji candle
In Crude, divergence has appeared on 30 min tf, while it can still make 1 leg down below low made today, the idea should be to hunt for long opportunities from Monday.
on MCX, 5500 and below puts can be sold
Natural gas looks like it has completed a bearish triangle sequence and looks ready for upmove
Can be bought with breakout above the marked level for new high, SL below recent low
R:R looks good at 1:2.5
Silver has completed 1-2-3-4-5 and A-B-C
C is unfolding in 5 waves and looks like 1-2-3-4 is done, any dip from here should be looked as an opportunity to buy.
Entry can be based on bullish candlestick pattern or violation of wave 4 of C high (64450)