Neo wave is advanced concept of Elliott wave and the key to trade profitably is identifying the pattern. Now see the Diametric pattern as per Neo wave in Crude.
Also see how well simple channeling technique works to identify the price action.
The diametric pattern is a very common pattern that we observe more often on the charts. A Diametric is a seven-legged corrective pattern and is labeled as A-B-C-D-E-F-G. Important characteristic is that wave E tends towards equality with wave C in terms of price and/or time, wave F tends towards equality with wave B and wave G tends towards equality with wave A.
Below is the chart of MCX Crude with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Crude Nov 60 min chart:
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 18th November 2019:
MCX Crude in the previous session formed a green body candle with a lower wick almost equal to its body which indicates bullishness. For now crude seems to be trading in a range between 4150 – 4040.
On the hourly time frame we can see that prices at channel resistance level has been tested multiple times now and we need to see a decisive daily close above this channel for further rally. It seems that wave e may be extended. One can trade support resistance mentioned in the daily trading range as the commodity is now clearly trading range bound.
In a nutshell, the trend for MCX Crude seems sideways to positive. As far as …. remains protected one can buy on dips towards ….. level for bounce towards channel resistance.
Happened: Crude has been moving precisely as expected and managed to provide good trading opportunity.
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