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Showing posts from March, 2019

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.

MCX Copper: What happens after impulse wave?

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MCX Copper 60 mins chart MCX Copper in hourly chart is hovering near to the resistance of the rising channel. This opens the possibility that prices can correct from current levels which can drag prices lower till support of the channel. From wave perspective, prices are moving in an impulse fashion (i-ii-iii-iv-v). It seems it has completed wave v and it is set to move down in wave a of one higher degree. In short, MCX Copper is expected to tumble in-between 455-453 levels over short term with resistance placed at .... It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis.  If I can do it, you can also do it. All you need to do is mail me at  meghmody@gmail.com  and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of price and time, how to anticipate, tools required to anticipate the rise and fall of price.