Wave theory on MCX Copper

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MCX Copper (Daily continuous chart)



 Not so early I had written  MCX Copper Elliott Wave Forecasting, but was very skeptical on its future movements. In the previous article of Copper, I had mentioned that,
 
“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.”

Prices failed to form a flat pattern and eventually turned into complex correction pattern (w-x-y). Where in y it took more time and formed a bow and tie diametric pattern which comprises of (a-b-c-d-e-f-g) seven legs. After completing wave y in diametric, prices have started moving in a positive direction and can move till  or above it.

In short, the bias for the red metal is firmly positive as it was before as it is expected to reach near 415 levels.

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