Showing posts from August, 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.

Bank Nifty (Elliott Wave Analysis)

Daily Chart of Bank Nifty From the above chart of Bank Nifty, it is visible that prices are moving precisely in a rising channel by forming a higher highs and higher lows which is a positive formation. As far as prices persist in this channel, the bias will remain positive. Technical indicator RSI as shown in the chart has relieved from the overbought zone and can resume the uptrend soon. As per Wave perspective, the channelized move is an impulse wave, in which wave iii is either ongoing or it is over. It can also be extended or can be an extension within extension. However it is early to jump to the conclusion. This means wave iv and wave v is still pending. In short, the bias is positive and prices can test 29000 or above that in near to medium term with the crucial support of 27500.