MCX Copper in Double Correction

Image
 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.

EURINR Elliott Wave and Neo Wave Analysis

 EURINR hourly continuous chart


As shown in the above chart, prices have completed the most complex correction after forming the top. This means that correction is still ongoing and it can now move even further, as lower highs and lower lows are intact on short term time frame.

Wave theory suggests that, prices have completed wave a in a Neo Wave diametric pattern followed by wave b up in a complex structure and now it is moving down in wave c in impulse fashion. This wave c can now test 85.5 over short to medium term.

The summation is EURINR is negatively poised and can sink towards 85.5-85 levels over short to medium term.


Comments

Popular posts from this blog

BEL re-visited

BEL Elliott Wave Analysis, Running Triangle

MCX Nickel Elliott Wave Analysis and Technical Analysis