Saturday, August 04, 2012

Crudeoil - Elliott Wave Analysis

Weekly Chart
This is a weekly chart of Crudeoil / INR, this has been discussed earlier here. We are expecting a last gasp in Crudeoil / INR. A wave [5] of C of {Y} of (B). Once it is done we may see sharp correction in Crudeoil / INR, at least that's what preliminary analysis shows. Right now I am expecting Dollar to ease a bit, and we may see a rally in commodities, which will reflect in Crudeoil / INR. I am not putting a target on this wave [5] yet, but eventually we will get signs clear enough to adjust our positions according to the market. Right now I feel we should see a rally in Crudeoil / INR.
Daily Chart

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