Showing posts from April, 2018

MCX Copper in Double Correction

 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.

MidCap stocks to rally further?

Midcap Daily Chart Midcap stocks are positively poised at current juncture. From wave perspective prices tumbled in a three wave structure (a-b-c) and then changed the direction from negative to positive which I think will also be a three wave structure (a-b-c). The overall trend looks firmly bullish soaring prices to its all time high. In short, the index will rally further pushing prices higher till 21500-21700 levels in near term.