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MCX Copper in Double Correction

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 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 to dip

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Daily Chart Continuous From past one year Copper has given significant returns as it has jumped from 310 to 466 levels. Currently it is correcting from the the recent top of 466 levels. It will be imperative to see that how much it will correct in near future and what will be the post move after correction. Neo wave theory will help to understand the impulse and corrections. From the above chart it is very clear that prices are moving higher in an impulse fashion. Wave 1 is equal to wave 3 which means there is high possibility for wave 5 to extend. Here in wave 2 a flat pattern can be seen. So now prices which are currently moving lower will not make triangle pattern but infact will fall down significantly down till 430-420 levels and will form wave iv (remember intricacy and alteration). Thereafter wave v will start and can be the longest of the three impulse waves. In short, in near future prices will correct near till 430-420 levels and then it will resume the uptren