MCX Copper: Corrective mode

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MCX Copper Daily Continuous

MCX Copper has started to plunge once it discontinued the higher high and higher low formation which eventually broke the rising channel as well. Prices recently made a low of 402 and turned its direction up till 434 levels. Interestingly, the up move was very slow and the weekly candle has formed a bearish candle. This indicates, that prices will fail to cross 439 levels and will turn down in coming week.

As per wave theory, the red metal has formed a counter trend after the fall from the high of 493 to 402.  Now after completing wave i and wave ii on the downside, I am expecting prices will plummet near till 395-390 levels in form of wave iii.

In short, the bias is firmly negative for Copper as it is expected to test 395-390 levels in near to medium term.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
Bajaj Finance

24 July 2020 at 15:06
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