wavesstrategy

 
MCX Crude: Elliott wave count PDF Print E-mail
Written by Ashish Kyal   
Tuesday, 23 October 2012 02:42

Wave Analysis:

Crude shows very clear Elliott wave counts. Prices fell impulsively from the high of 5500 to the low of 4600 in impulsive fashion. The wave counts are very clear with internal wave 3 also subdivided in 5 waves down. 

Impulsive waves are 5 waves and corrective waves are 3 waves. Wave 3 is normally the most extended wave and this is clearly seen in the above chart.

After completion of impulsive move, corrective moves retrace 38.2% to 61.8% of the impulsive move. There are different corrective patterns as per Elliott wave. The basic corrective pattern has 3 legs unlike 5 legs in impulse wave.

MCX Crude 60 mins chart (November Contract):

Few of the wave labels are purposely deleted from the above chart as they are meant for our paid subscribers

As per wave perspective, prices have completed primary wave A near ……… levels in the month of ……….2012. Thereafter, prices move upside in the corrective fashion and probably completed wave ………. Also wave Y = ……. wave W. Yesterday’s steep move on downside indicates ………………

In short, as long as prices move below the resistance ……….level our bias is ……….. and prices could drift lower till ……………levels in the coming trading sessions.

To know the important levels and what should be the trading strategy write to us on This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call on +91 9920422202 and know how to subscribe to this daily Commodity report that shows not only Crude but also Gold, Silver and Copper.

 
 

Free Registration to get:

 
 

  • Free Insights on Investing and Trading in Equity, Commodity and Currency markets
  • Free periodic newsletters to learn Trading using Elliott wave
  • Receive announcements for offers on various products & services
 
   

You are here  :
Support
Follow us:    

Email us at : helpdesk@wavesstrategy.com

Call us at : +91 22 28831358
+91
9920422202
Careers

Mail Your Resumes to

careers@wavesstrategy.com

Trading Advisory
FREE trial for 3 DAYS

 Copyright © Waves Strategy Advisors All rights reserved  2014.