MCX Zinc: Anticipated Happened and Wave Analysis

MCX Zinc  Anticipated on 1st June 2016(1st month Daily chart contract)

MCX Zinc Happened on 1st July 2016 (1st month Daily chart contract)

In my previous update dated on 1st June 2016, I had mentioned that "The bias for MCX ZINC remains positive as it can test 143 levels only if it sustains above 132 for considerable time"

Zinc crossed the level of 132 and moved higher till my mentioned level of 143 which is 80% retracement of the previous fall. This gives an indication that the metal is moving in a flat pattern. However, the 80% retracement can also be extended till 100% or 123.6% of the previous fall, eventually ending it with regular or irregular flat pattern.

It is imperative for prices to reverse sharply which will be the first indication that wave b of flat is over and wave c has started on the downside. As of now the bias remains positive for this metal.


Phani Kumar said…
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Private Banks

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