Zinc mini ElliottWave forecast

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In the above daily chart of Zinc mini, prices are moving down in a lower high and lower fashion especially after making bearish head and shoulder pattern. As of now prices have gone down to test the level of 140, but there is a resilience coming from lower levels. There is a high possibility for prices to move near to 146-149 levels where the resistance of the big falling channel is placed. However, MACD histogram is still in negative territory.

As per wave theory, the base metal has either completed wave iii or on the brink to complete wave iii which will open wave iv higher near to 146-149 levels followed by wave v lower.

The summation is, prices are expected to take a breather which can soar it near till 146-149 levels as far as level of 139 is intact on the downside.

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