MCX Zinc: Why it is a buy on dips?

MCX Zinc daily chart



MCX Zinc has changed the long term trend from negative to positive. This metal will be out performing all other base metals in coming months. Why? To know the answer, I have marked my wave counts on the above chart. Let us understand why it is a buy on dips?

Prices are moving in wave iii which is undoubtedly extended pattern which means wave iii is subdivided into five and can be identified with naked eye. In extended wave iii wave ii of wave iii took 24 trading sessions and was a running flat pattern, more of a sideways pattern. So it is likely that wave iv of wave iii will be steeper and can move down dynamically which has to be less or more than 24 trading sessions. Most likely less. To confirm that this is an impulse prices don't need to move down below 203 levels which will negate the rule of impulse as wave iv will enter the terrain of wave i.

So the ideal support is between 210-207 levels and thereafter prices are expected to soar which I will update once it completes wave iv down.

It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis. 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. It is better not to follow the crowd blindly and think objectively before taking a trade. The cost of this seminar is 10000/- per person.

Comments

Popular posts from this blog

USDINR: Will it cross 83.00?

GOLD and Elliott Wave Counts

USDINR: At multiple supports and Elliott Wave Analysis