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Showing posts from January, 2018

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.

What is Impulse Wave?

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What is an Impulse wave? Elliott Wave is bifurcated into two waves namely:- 1    .     Impulse Wave 2    .     Corrective Wave The waves are labeled in numbers (1-2-3-4-5) in the former wave as mentioned above. The three golden rules of impulse wave are 1    .     Wave 2 should not go beyond wave 0, it can be 100% but not below or above the origin. 2    .     Wave 3 is the longest wave in the impulse wave i.e. (1-3-5) but not necessarily. 3    .     Wave 4 should not enter in the terrain of wave 1. If all the above rules are not met, then the wave is not termed as impulse but corrective wave. Corrective wave are different and difficult to interpret. The rules are different so its guidelines. You can learn Elliott Wave and Neo wave with me on 3 rd and 4 th February 2018. A two day paid webinar covering all the details of Elliott Wave and Neo Wave. Neo wave is the filtered version which I use. The Cost of the two day Webinar is 10000/- spanning more t