MCX Crude oil: Ascending Triangle Pattern (TP 5112)Crude oil is forming Ascending Triangle Pattern. According to the monthly chart and chart pattern analysis, the crude oil rally will not stop here. It will keep moving forward for levels of 5160 - 5300 - 5600+ .
MCX crude oil target for intraday traders is 5112 level.
Freecrudeoiltips
Crude oil is bearish near-term - Elliott wave analysisThe crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 - 3660 - 3470 can be expected before the uptrend resumes.
If there will be the upside breakout of wave 5 ( Protective Stop: 3980 ), then it's a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.