Showing posts from April, 2017

MCX Copper in Double Correction

 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

MCX Copper: Elliott Wave analysis and forecasting

MCX  Copper (Continuous Daily chart) MCX Copper last year made a high of 415 and formed a base close to 365 levels, thus giving an indication that the firm downtrend is over and prices are now set to start a positive trend. The downtrend was ended in the month of November 2016 after breaking the downward sloping blue channel. As per Wave theory, after steep rise from 300 to 415 levels, prices are in the making of Flat pattern (3-3-5). As of now it seems that wave c of the flat pattern is over and prices are set to resume the uptrend. However, break of 365 will open other possibilities, which can eventually turn into another pattern. In short, as far as 365 is protected on the downside the bias is positive for MCX Copper as it can surpass 415 levels in near term.