MCX Zinc Elliott Wave Analysis
MCX Zinc daily continuous chart
MCX Zinc hourly contiuous
As shown in the daily chart, MCX Zinc is moving precisely above the rising trend line and also forming higher highs and higher lows which is a positive sign. At present the metal is trading near the support of the trend line and can bounce from current levels to test its previous high. RSI is hovering between the center line.
From hourly chart, prices have not discontinued the positive pattern and so there are high chances for the metal to move higher from current support area. However, RSI is in overbought terrain which will make the counter move sideways to negative in the early week but can reach till or near to its previous high
As per Wave theory, after completing wave v higher, prices moved down in complex correction (a-b-c-x-a-b-c) and completed wave a. Currently it is moving in wave b in which it has completed wave a and wave b, this opens wave c higher which can travel till 7836-80% of the recent fall which comes to 230-232 levels.
The summation is MCX Zinc is positively poised and can move till 230-232 levels over short term with support placed at 214 on closing basis.
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