Posts

Showing posts from August, 2017

MCX Copper in Double Correction

Image
 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 Zinc: The Bull trend to continue

Image
MCX Zinc (Daily Continuous) MCX Zinc is one of the best performing industrial metal when compared with others. By using combination of basic and advance technicals one can come across the forecasting and direction of this metal price. From the above chart (daily continuous), prices from early 2016 started moving in a higher high and higher low formation and also moved in a rising (blue) channel till November 2016. As there is no discontinuation of the positive formation, along with the recent breakout of the falling blue channel, the overall bias for this metal is firmly positive. As per wave theory, prices have completed (a-b-c) pattern, post that the movement seems to be impulsive. the possibility for wave iii is open taking prices higher till 205 levels which is 100% of wave i or more than that. In short, the formation is positive, Zinc will continue to outperform and can test 205 levels. Disclaimer: The above analysis is only for the study. No trade sha