The chart of Crude Oil (MCX India) may be at the beginning of an potential downside of 7-8% from the current levels of 4650. The confirmation will come after break of 4450 around 3% away from current levels from an ending diagonal formation. The 5th wave of the uptrend may have completed in 5600 INR around May 2012. A powerful downside 3rd wave will be confirmed on a break below 4450 and can head to 4000/3900 levels in the coming months. A move above 5450 will cancelour analysis.
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