MCX Copper in Double Correction

 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

DLF Anticipated Happened Elliott Wave Analysis

 DLF daily chart anticipated on 19th August 2021

DLF daily chart happened on 20th August 2021

In my previous update on DLF, I had mentioned that, "DLF is expected to dip till 310-305 over short term with resistance placed at 340."

The stock faltered and closed at 309 on the last trading day of the week and marked a low of 306.5, thereby achieving my mentioned level in a single day after the previous article on DLF- Anticipated Happened.

Please click on the link to see the previous article on DLF

The stock has given a bearish break in a rising channel formation and can even sink further now to the next possible support placed at 295-298 levels over short term.

The summation is DLF is now weak and can move down towards 298-295 levels in near term.


Popular posts from this blog

BEL re-visited

BEL Elliott Wave Analysis, Running Triangle

MCX Nickel Elliott Wave Analysis and Technical Analysis