MCX Crude has shown an exponential rise from the lows of 4600 levels. We
have been using Elliot wave combined with moving averages and RSI indicator.
This helps in increasing accuracy of capturing a particular swing.
Below is research published in our daily report “The Commodity Waves STU” wherein we successfully captured the
move from 4980 towards 5050 levels.
MCX Crude Sep
60 min chart: Anticipated as on 11th September (morning).
MCX Crude Sep
60 min chart: Happened as on 12th September (morning)
(Below is the extract taken from Commodity report published in the morning
of 11thSeptember, 2018)
Wave analysis:
Anticipated:As shown in
the hourly chart of MCX Crude, prices are moving in wave (g) of which minor
wave a has completed on upside and next leg on downside in for of wave b is
ongoing. So we can expect range-bound to negative movement in coming sessions.
Only break above 4980 will turn the bias positive. In short, trend for Crude is
at crucial juncture. Break above 4980 can take the prices towards higher levels
of 5050 whereas move towards 4820 levels can be expected.
Happened:
Prices have managed to give a break above 4980 levels indicating, completion of
wave b on downside and made a high near 50.
To know what will be the next move and till how far the rally of
wave c will be, subscribe to our commodity report “The Commodity Waves STU”
which is published in the morning on daily basis. Also get to know about
precious metals like Gold and Silver and base metal like Copper, Lead, Zinc
etc.- Know more
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