Crude witnessed a sharp downfall and it is amazing to see how well Elliott wave works in all the asset classes. The Elliott wave theory states that wave ii retraces 61.8% of wave i and wave iii is the strongest and exactly the same was witnessed.We were able to catch the fall even before it began.
Below is the chart showing detailed analysis published in our research report –“The Commodity Waves STU”
MCX Crude May 60 min chart: (Anticipated as on 22nd May, 2019)
MCX Crude Jun 60 mins chart: (Happened as on 22nd & 23rd May, 2019)
(Below is the extract from our daily commodity research report)
Anticipated as on 22nd May, 2019-On the hourly chart we have shown the internal counts of the ongoing wave (c) on the downside, wave ii is currently unfolding. Wave ii which was moving through the rising channel has now been broken on the downside. We can now expect the downward move to continue up to 4300 levels as far as 4420 level remains intact on the upside.
In short the trend for MCX Crude can be sideways to negative. We can expect a move towards 4300 level as far as 4420 is not broken on the upside.
Happened as on 22ndMay, 2019- Prices moved in sync with our expectation andhit the target 4300 and moved further lower towards 4267 levels.
Anticipated as on 23rd May, 2019-On the hourly chart,given the sharp fall in price in the previous trading session some sideways movement or a minor pullback cannot be denied which can be used as an opportunity to short. We can expect price to fall up to 4215 levels in the short term. A break below 4215 levels can drag price further lower 4190-4150 levels. Immediate resistance can be seen at 4325 level.
In short the trend for MCX Crude can be sideways to negative. We can expect a move towards 4215-4200 level as far as 4325 is not broken on the upside.
Happened as on 23rdMay, 2019- Prices moved in sync with our expectation and witnessed a minor pullback post which it moved lower surpassing the target level of 4200-4150 to make a low near 4008 levels.
The above analysis clearly shows how well Elliott wave works when combined with simple techniques like channels. We have a proven track record for capturing major reversals in other commodities like Gold, Silver and Crude as well. Subscribe to our daily commodity research report published under the name “The Commodity Waves STU”- Check here to get daily updates for the same and ride the trend with the help of reports. .
Nifty, Bank Nifty and broader indices all are now at very important juncture. We have come out with exclusive offers for someone wanting to subscribe the complete package of research. You cannot miss this opportunity that too at such crucial juncture… See the latest Summer offers this May here
You can now avail multiple offers and leverage on the above research in the cost of just one. Get momentum and Multibagger at the cost of 1 under Combo Summer Special. See all the offers here