Many are worried that rising Crude prices will impact equity markets adversely. But I have observed higher positive correlation in this asset class rather than negative. There are many myths people have without proper statistical evaluation. Now look at the below chart of Crude where we capture the entire rise and expected a strong positive breakout.
Crude has been moving exactly as expected and following the Elliott Wave theory very well. Basic techniques coupled with wave analysis helps us to identify and capture trends.
Below is the research published in our research report” The Commodity Waves STU” wherein we were able to capture the trend from 4600 towards 4720 levels
MCX Crude May 60 mins chart: Anticipated as on 4th May 2018
MCX Crude May 60 mins chart: happened as on 7th May
Below is an extract of research published as on 4th May 2018 morning.
Crude opened at 4516 levels and moved sideways for the first half of the trading session but in later half it managed to make a high of 4578 and closed on a positive note near 4571 levels.
As shown in hourly chart, …Wave ii should maintain support at 4473 if it is a regular flat pattern; wave c looks to be in mature stages and break above 4615 levels will confirm that wave c of wave ii has completed on downside and next leg on upside has started in from of iii of iii ….In short, Crude is at crucial juncture and a break above 4605 can take prices towards 4700 levels.
Happened: Crude moved exactly as expected and made an intraday high near 4740 levels. We expected the completion of wave ii of iii near 4490 levels which helped us to capture the up move which is in the form wave iii of iii (one of the strongest wave)
For the in-depth analysis from Elliott wave perspective, get access to the “The Commodity Waves STU” which covers Gold, Silver, Crude and Copper with important trade setup. We provide intraday and positional advisory services based on Elliott wave pattern and favorable risk reward ratio which has accuracy of 75% to 80%. Subscribe here