Oil India Elliott Wave Analysis. As on 9 Nov 2019. CMP 165
No change from previous post. Price appears to be chopping around in a small 4th wave triangle as forecast.
From previous post of 22 Oct when price was 166.
We like the way price has rallied from the 139 ~ 174 level. But we still need further confirmation. A 5 wave impulse up could be in the making.
Price should chop around in a small 4th wave for 2-4 weeks before a new high above 175 would confirm the 5 wave impulse.
We could then buy on a subsequent correction.
Note : Until there is 5 wave impulse up, the downtrend remains in place, as the larger time frames have zero bullish pattern.