MCX Aluminium on the brink to reverse (Wave Analysis)

From the above chart of MCX Aluminium (continuous daily chart), it is visible that prices are failing to move above red trend line resistance. Apart from that, from February 2016 till date, prices are moving in a range of 100-113 levels forming a sideways consolidation pattern.

As per wave analysis, prices are moving  in a barrier triangle formation from the start of 2016. The triangle pattern is bearish in nature. The beauty of this pattern is, it is formed near the resistance and can slip down near till its bottom. The target will be the width of the largest wave of the triangle pattern which needs to be measured from the breakout point. In this case it is wave a, and the break out level is below 104 so the target will be 91. However, my first level will be 104 followed by 98.

In short, any sharp reversal will indicate completion of triangle pattern which will drag prices lower till 104 followed by 98 levels. The target of the pattern is 91.