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Showing posts from July, 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.

EURUSD: Resumption of downtrend

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EURUSD EURUSD is moving down in an impulse fashion. Recently it has completed wave iv after extended wave iii, thus opening the possibility of wave v on the downside which can tumble prices till 1.150 or even lower. However, wave v can also be a failure, particularly known as truncation. So I will be bearish for this pair with the support at 1.150 and if it is broken then acceleration of downtrend will continue. In short, expect prices to stumble close to 1.150 in near term.

USDINR: Correction on the way

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USDINR Daily chart From the above chart USDINR has completed five waves on the upside, thus opening the possibility of a correction which can drag prices near till the immediate support. The supports are now placed at 68 followed by 67 which is the support of the trend line. I think all these support will be broken in near term or in medium term. From wave perspective, after completing an impulse wave, a corrective wave of a higher degree is likely to follow which can take prices till 68 followed by 67 over short to medium term.