MCX Crude has shown an exponential rise from the lows of 4600 levels. We have been using Elliot wave combined with moving averages and RSI indicator. This helps in increasing accuracy of capturing a particular swing.
Below is research published in our daily report “The Commodity Waves STU” wherein we successfully captured the move from 4980 towards 5050 levels.
MCX Crude Sep 60 min chart: Anticipated as on 11th September (morning).
MCX Crude Sep 60 min chart: Happened as on 12th September (morning)
(Below is the extract taken from Commodity report published in the morning of 11thSeptember, 2018)
Anticipated:As shown in the hourly chart of MCX Crude, prices are moving in wave (g) of which minor wave a has completed on upside and next leg on downside in for of wave b is ongoing. So we can expect range-bound to negative movement in coming sessions. Only break above 4980 will turn the bias positive. In short, trend for Crude is at crucial juncture. Break above 4980 can take the prices towards higher levels of 5050 whereas move towards 4820 levels can be expected.
Happened: Prices have managed to give a break above 4980 levels indicating, completion of wave b on downside and made a high near 50.
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