MCX Zinc: Corrective pattern to unfold- Happened

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MCX Zinc Daily chart Anticipated on 7th July 2019


MCX Zinc Happened on 8th August 2019


 In my previous update on MCX Zinc I had mentioned that, "Zinc is moving precisely in a falling blue channel. Prices recently faced the resistance of the channel and reversed. It is also on the brink to break its previous low (marked by blue horizontal line). Any break below 194 will open further negative possibilities which can drag prices way lower, near o the support of the channel.
Full article here

 https://www.marketanalysiswithmeghmody.com/2019/07/mcx-zinc-corrective-pattern-to-unfold.html

From wave perspective, prices are currently moving in wave c which seems to be elongated. This means that the subdivision of the waves within wave iii are equivalent to one higher degree. Currently prices are in wave iii in which it has completed wave iii. A pull back can take prices higher till 185-187 levels in the form of wave iv of wave iii.

In short, a relief rally is expected in MCX Zinc which can take prices higher till 185-187 levels in near term.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Novateor Research Laboratories Ltd IPO
3 July 2020 at 15:45
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