Showing posts from September, 2017

Aluminium: Triple Correction to end

Daily continuous chart of Aluminium

Aluminum is a laggard in price movement  as compared other base metals. However, it seems now that it is nearing to a completion of a pattern. Pattern typically known as Triple correction in Elliott wave theory.
Triple Correction (a-b-c-x-a-b-c-x-a-b-c) has two wave x and three a-b-c, normally this pattern occurs when simple a-b-c is unable to reach the target. The first (a-b-c) shown in a rectangle is a flat pattern followed by wave x. The second (a-b-c) shown by circle is a simple zigzag followed by wave x and the third is either wave a of wave a quoting at 132 of it is on the brink of completing in a flat pattern.
A move below ... will give an indication that third correction is completed and prices are set to reverse. The correction will be steeper and will be here to stay. The resistance is at ... any move above this level will give an indication that third correction is going on.