Wednesday, August 8, 2012

Crudeoil / INR - Elliott Wave analysis

Crudeoil is rising smartly, and that is what we were expecting. But a word of caution here, this rally in Crudeoil is a part of a long forming corrective pattern, a DZZ, and in fact is the last leg of this corrective pattern. Once this corrective pattern is complete we should promptly resume the main trend, which is down. I had already outlined the bearish possibility in Crudeoil earlier, refer that post here. So though the rally looks smart, keep a close eye on this bigger pattern which is nearing completion.

2 comments:

Tekkie Suresh said...

Dear Shri Deshpande,

Interesting analysis. As per Financial Astrology, the nodes which were squaring Neptune for several weeks have moved out this August 05, 2012. Square is a negative aspect and Neptune rules crude. Which means crude could rise. It seems to match your expectations.

Warm Regards,


Suresh

Aniruddha Deshpande said...

Dear Suresh,
I am not very conversant with your study of Astrology applied to Markets. But you have increased my confidence by sharing with me the fact that, astrologically my analysis is on the right track. But I am expecting this rally to be the last of a very big corrective pattern, and what should follow is a major decline, can you put a time line, as when this final wave may end.
Regards
Anirudda