MCX Nickel: Impulse Cycle and Forecast

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MCX Nickel Daily Chart

MCX Nickel is one of the out performers amongst base metals. The metal is moving in a higher highs and higher lows. Currently it is hovering near crucial resistance and can relieve back down but will not change the major trend.

Elliott Wave theory suggests, prices are moving in a third wave impulse and can complete soon. Once it is completed prices will move back down in wave iv close to 1050 levels. The termination of wave iv will again push prices higher near till 1200 levels. 

The summation is Nickel will continue to out perform and can test the level of 1200 after dip in price close to 1050.

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