|MCX Crude: Elliott wave count|
|Written by Ashish Kyal|
|Tuesday, 23 October 2012 02:42|
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 porn cartoon 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.
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