CMP 6229.
Positionally, my view on crude is in UP TREND.
Supports are:5956, 5933, 5640.
If my Up trend view is correct, then,
Upside targets are:
Level 1: Support: 5460, Target: 7784.
Level 2: Support: 5933, Target: 6549, 7109.
Level 3: Support: 5956, Targets: 6339, 6586.
Based on Hourly chart, We have completed 5 wave up move, and we are currently in ABC correction. In ABC Correction, now we are in C Wave.
ABC correction retracement levels are: 6371, 6292, 6228, 6164, 6115, 5956 (100%).
As per my view correction completed at 6191 and it is still not yet confirmed. As of now 50% confirmed. Waiting for 100% confirmation.
Any reversal from these levels (6371, 6292, 6228, 6164, 6115, 5956), my 1st positional target is 6499.
Also,
If 6191 is the end of correction, 6499 is the 1st target.
6191 will become the base support.
In smaller time frames,
Up Side
If 6191 holds supports, we will see 6234, 6261.
Down Side
If the correction not completed yet, then,
6234 will act as a resistance now. If so, we will see 6191, 6186, 6165, 6132, 6122, 6109 on the down side.
And we will see a strong reversal from this down move with support at 5966/5933.
As long as 5956/5933 holds support, my positional 1st target is 6499.
Positionally, my view on crude is in UP TREND.
Supports are:5956, 5933, 5640.
If my Up trend view is correct, then,
Upside targets are:
Level 1: Support: 5460, Target: 7784.
Level 2: Support: 5933, Target: 6549, 7109.
Level 3: Support: 5956, Targets: 6339, 6586.
Based on Hourly chart, We have completed 5 wave up move, and we are currently in ABC correction. In ABC Correction, now we are in C Wave.
ABC correction retracement levels are: 6371, 6292, 6228, 6164, 6115, 5956 (100%).
As per my view correction completed at 6191 and it is still not yet confirmed. As of now 50% confirmed. Waiting for 100% confirmation.
Any reversal from these levels (6371, 6292, 6228, 6164, 6115, 5956), my 1st positional target is 6499.
Also,
If 6191 is the end of correction, 6499 is the 1st target.
6191 will become the base support.
In smaller time frames,
Up Side
If 6191 holds supports, we will see 6234, 6261.
Down Side
If the correction not completed yet, then,
6234 will act as a resistance now. If so, we will see 6191, 6186, 6165, 6132, 6122, 6109 on the down side.
And we will see a strong reversal from this down move with support at 5966/5933.
As long as 5956/5933 holds support, my positional 1st target is 6499.
