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Showing posts from March, 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.

USDINR: After five waves down

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USDINR Daily Continuous As per the above chart USDINR have completed impulse wave (1-2-3-4-5) on the downside. After completing wave v which was a truncated, prices rallied and gave a bullish break in a falling channel. This is a sign of trend reversal. However, more confirmation is required for an positive outcome to emerge. Sustainable move above 64.8 will give an indication that prices are poised to rally near till 65.30-65.40 levels. Failure to protect the above mentioned level will negate the downside target. In short, expect prices to rise near till 65.30-65.40 levels in near future as far as the level of 64.8 is intact on the downside.

MCX Zinc: Neo Wave Strong Wave B, Irregular flat pattern and Fibonacci levels

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MCX Zinc (Daily Continuous) MCX Zinc was the best performer along with Lead last year. This year the metal had started moving lower due to profit booking and other fundamental reasons. Looking at the Technical chart, Wave counts have been plotted and I have come to the conclusion that MCX Zinc is moving in an Irregular flat pattern (a-b-c). In which wave b is strong, that means wave b had retraced till 161.8% of wave a  (shown in the chart). Currently prices are moving down in wave c. This concludes that wave c will not retrace complete of wave b i.e 199 levels. As of now 61.8% of wave a to wave b is completed, now the immediate supports is at 100% of wave wave a to wave b placed at 213 levels. In short, expect prices to tumble close to 215-213 support zone over short term. The bias will be firmly negative for this metal