MCX Zinc Mini anticipated happened and Elliott Wave Analysis

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MCX Zinc Mini Fut Daily Continuous contract




MCX Zinc Mini Fut hourly continuous chart




In my earlier update dated 29th March 2020, I had mentioned in Zinc mini that, “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.”

The metal moved up above 150 levels, thus achieving both my levels of 146 followed by 149- Anticipated Happened

Check the previous article by clicking on the below mentioned link
https://www.marketanalysiswithmeghmody.com/2020/03/zinc-mini-elliottwave-forecast.html

As shown in the daily chart of Zinc Mini, prices are still moving higher with small candles each day, indicating that prices are on the brink to lose the positive momentum. However, there is no reversal as such in prices that can relate to my view and so it is advisable for price confirmation to obtain.

From hourly chart, the upward sloping black trend line is providing support which is also steep in nature. Any move below 149 will give a negative confirmation which can drag prices lower.

As per wave theory, as of now wave iv is ongoing on one higher degree within which wave (c) is ongoing which is a the last leg, 61.8% of wave a comes to 155 which can act as a resistance.

The summation Zinc Mini has a hurdle at 155, as of now cautiously positive for this metal is advisable. Any move below 149 will infuse selling pressure dragging prices lower till 142.



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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
ICICI Prudential
17 July 2020 at 15:25
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