The Ichimoku cloud is a handy tool that assists in counting and confirming neo wave counts. The combine application of neo waves and Ichimoku gives more objectivity to a trader.
See below the application of the combined study applied on MCX crude which helped to identify the direction of the trend.
MCX Crude hourly chart
Elliott wave Analysis–
Crude is moving in well channelized manner as it’s respecting its support and resistance trendline amazingly.
As shown on the hourly chart, Prices are moving in corrective manner in the form of Diametric pattern. Where in wave e (red) seem to be unfolding. Their internal count suggests that wave c is under formation. We have also shown Ichimoku cloud which further gives confirmation of wave a terminating near the lows as the entire down fall was placed below the cloud. Similarly for wave b completed near 4224 levels on upside as prices confirmed by moving above the cloud. Currently wave c is under formation as its below the cloud. If prices break above the cloud we might terminate wave c on lower side.
In nut shell, MCX crude seems to be short term bullish as prices are headed within the cloud and break above of the same would confirm the scenario.
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