MCX Copper Elliott Wave Analysis

MCX Copper continuous contract hourly chart

 From hourly chart, the red metal is now moving in a lower highs and lower lows and persisting below the falling trend line which is a negative sign. At present, it is hovering near to the resistance of the trend line and can move down from there in coming trading sessions.

After falling from the top, prices are now moving in a sideways direction which can be a symmetrical triangle and once there is a breakout in a triangle pattern, a clear trend can be seen. The metal can give a trending break in either side.

As per Wave theory, prices completed wave a, currently I is moving in wave b which is forming a triangle pattern, this opens wave c lower. However, any move above 687 will negate the downside target and the trend will change from down to up.

The summation is MCX Copper can move down till 660 levels once the level of 674 is broken accelerating selling pressure. Failure to protect the level of 687 will open positive possibilities.

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