MCX Nickel:Elliott Wave Irregular Flat Pattern

MCX Nickel Daily continuous chart


As shown in the daily chart of Nickel, prices are moving up precisely in a small blue channel. However, it is facing the resistance of the upper trend line of the channel thus consolidating at the top.

There are high chances for prices to move down in near term at least till the support of the channel. Coincidentally, short term moving average 20 EMA (red) is also placed at that level. RSI have also exhibited negative divergence.

From Wave perspective, prices are currently moving higher in the form of irregular flat pattern (a-b-c). In which it is in wave b which is bigger than wave a. very soon wave c on the downside will start.

In short, Nickel will tumble to 840-830 levels in near term. Break of this small channel will infuse further selling pressure. 

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
Axis ESG Equity Fund

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