MCX Crude has been moving towards lower levels since the top made near 5500. We have been accurate in predicting the top and mentioned the whole analysis with long term view in our monthly report ‘’The Financial Waves Monthly update”. Since past few sessions Crude has been providing trade set-up and we have been accurate in predicting the fall from 3600 levels with the help of basic technical indicators such as channels, RSI and Elliott Wave.
Below is the chart published in our daily report “The Commodity Waves STU” wherein we have been able to capture a move of 400 points in 5 trading sessions.
MCX Crude Dec 60 min chart: Anticipated as on 19th December
MCX Crude Jan 60 min chart: Happened as on 24th December
(Below is the gist of research published in “Commodity Waves Short Term Update” report on 19th of December, 2018)
Anticipated on 19th December: prices are moving in a range of 3850 on upside and 3550 on downside. Break above 3850 on closing basis will indicate termination of wave b on downside and start of wave c on upside. Break below 3550 will infuse selling pressure which can retest the low of 3450 levels.
In short, “for Crude break below 3550 will infuse selling pressure which can retest the low of 3450 levels.”
Further on 21th December we mentioned the following – “trend for Crude is sideways to negative and prices can move towards 3190 levels can be expected. The mentioned scenario stays valid as long as we see 3450 intact on the upside.
Happened: Crude continued to move on downside as expected and moved in form of wave a. Prices are respecting the channels and Elliott wave very well and made a low near 3180 levels.
The above clearly shows how Elliott wave theory along with technical analysis which has helped in capturing the trend across the commodity. Get access to our daily report in which we mention views about Gold, Silver, Crude and Copper-See now
Also get access to our monthly report wherein we mention medium term view on various commodities- See now