MCX Copper in Double Correction

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 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.

MCX Aluminum Elliott Wave Analysis

 MCX Aluminum hourly continuous chart


Prices has been moving in a positive formation as it is trading above the rising trend line along with that its previous highs has been crossed decisively. 

However, as per advance technicals, Wave theory suggests that prices can test its previous low. The entire upmove is corrective in nature and the recent formation looks more like a irregular flat pattern. In which it has completed wave and wave b and wave c has already started. This means wave c can entirely retrace wave b placed at 203-202 levels.

The summation is MCX Aluminum can dip near till 203-202 levels over short term.

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