MCX/NYMEX Crude View 10-04-2014

MCX Crude

Update: 10-June-2014: 10:25pm
Crude crossed 6198. Now my next target is 6339-6347. I expect some retracement before reaching this target. New entries can be made on the retracement levels.

Crude Premarket Strategy:
If crude completed its upmove at 6189, then we can see some down move as a retracement. Completion of wave is not yet confirmed. Confirmation will be after the market opens.

If we consider 6189 as the completion, then the retracement levels are:
6154, 6132, 6114, 6096, 6083(level to watch if we get), 6039 (100%).
Now the supports are: 6039, 6013, 5956. If these supports broken, down move.

Note: This analysis is based on  smaller timeframes 15min, 1H charts. In higher timeframe the view may change and wave count also may change.

Whatever it may be as long as my support levels hold, my upside targets are: 6198, 6347. New entries can be initiated only after the retracement.

MCX Crude Positional View 1
MCX Crude Positional View 2

NYMEX Crude:

1st resistance of 104.50 broken. Now a break of 104.98/99 and 105.15/20 will take crude to the new highs, else we may see some retracements.

But I expect a more upside. For targets you can check my NYMEX Upmove chart. 
NYMEX Crude Positional View