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How to trade Neo wave Diametric pattern with Ichimoku cloud in Crude

crude oil neo wave trading Nov 25, 2020

Neo wave is advanced concept of Elliott wave and the key to trade profitably is identifying the pattern. Have a look over the classic Diametric pattern as per Neo wave in Crude.

Also see how well ichimoku cloud supported the study which gave an added confirmation of the price action on upside in MCX Crude.

Below is the chart of MCX Crude with gist of analysis. Actual and detailed reseach is published in our daily commodity report under the name- “The Commodity Waves STU

Crude hourly chart with Ichimoku Cloud

Chart Analysis:

On the daily chart of MCX Crude, Prices now seem to be moving in the form of wave (e) (red) of the Diametric pattern. Since past three sessions Crude is forming higher high and higher low pattern indicating positive bias. In the previous session the metal open with a gap up and moved higher towards 3415 levels.

On the hourly time frame, the metal seems to be moving in diametric pattern wherein wave e red terminated in the form of triangle pattern and the current rise is in the form of wave f.

Ichimoku Cloud: Prices have been rising higher and higher post giving a break above the cloud which is a strong indication of a positive trend. The up move has been supported by the base and the conversion lines as both the lines are seen rising along with price. So as long as the metal does not see any retracement back down towards the cloud, the stance for crude continues to be positive.

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Following Intraday calls were given 3 consecutive days with target achieved successfully to capture and ride the up move:

Call given on 25-11-2020- CRUDE DEC FUT BUY ABOVE 3378 SL 3343 TGT1 3398 TGT2 3430.5- Target 1 achieved by the end of the day.

Call given on 24-11-2020 – CRUDE DEC FUT BUY ABOVE 3239 SL 3204 TGT1 3259 TGT2 3291.5- target 1 achieved.

Call given on 24-11-2020- CRUDE DEC FUT BUY ABOVE 3163 SL 3128 TGT1 3183 TGT2 3215.5- Both the targets achieved.

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