MCX Copper: Classic Corrective Pattern

MCX Copper daily chart

MCX Copper is moving in a sideways to negative direction after discontinuing higher highs and higher lows and the rising blue channel. The red metal is directionless but has formed a classic corrective pattern recently.

A price confirmation is required which can be obtained once the level of 445 is broken decisively. The level of 445 is the support provided by the rising trendline (blue), break of this trendline will drag prices lower till 430-428 levels in near term.

From wave theory, prices are moving in a w-x-y pattern, in which prices can move down till 100% of wave w which is the minimum target (shown by rectangle box).

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