We have been bullish on MCX Crude when prices where on the initial level of reversal i.e. since start of September, 2018. If observed closely the daily chart of MCX Crude, prices are in wave (g) of Diametric pattern with respect to Neo wave concept.
Below is the hourly chart of MCX Crude which shows detail analysis using Elliott wave, Channels and Moving averages which is published in our daily report the ““The Commodity Waves Short Term Update”
MCX Crude Oct 60 min chart: Anticipated as on 28th September, 2018
MCX Crude Oct 60 min chart: Happened as on 01st October, 2018
(Below is the extract of research published on 28TH September)
Anticipated: NYMEX Crude post making a high near 72.78 levels are moving in range with important support placed near 71.50 levels. As long as 72.78 is intact on upside we can expect sideways action to continue in coming sessions. As shown in the hourly chart of MCX Crude, wave c is ongoing on upside which is impulsive in nature. So we can expect a move towards higher levels of 5350 as long as 5200 remains protected on downside. In short, trend for Crude looks positive as long as 5200 is protected on downside. We can expect prices to move towards 5350 levels. It is advisable to trade cautiously!
Happened: Prices have behaved as expected, making a new high near 5369 levels. It will be interesting see how far the Crude prices can raise.
The above research shows how well the Elliott Waves work and how one can be on the right side of the trend. To know what will be the next move of Crude and other precious metals like Gold and Silver; stay tuned and subscribe to our daily report “The Commodity Waves Short Term Update.”