MCX Copper Double Correction Pattern

 MCX Copper hourly continuous chart

After successfully anticipating the recent rise and the fall, I had two possibilities either impulse or corrective and so I had marked wave i/a and wave ii/b..,  prices will take support at 725-735 levels, this did not happen as it made a low of 717 levels thereby entering the territory of wave i which is now converted to wave a. So the entire rise will be wave a followed by wave b and wave c in simple zigzag pattern.

The fall followed by wave c , is corrective in nature and so it is marked as wave x, the best part of this fall was it took support where prices earlier reversed several times (marked by arrows). After that a sideways movement is seen thereby forming an inverse Head and Shoulder pattern. The breakout of the pattern will be above 740 levels which ill complete the pattern along with the falling trend line which is acting as a resistance will be breached decisively, thereby opening positive possibilities.

The red metal continues to soar as none of the previous supports are broken and prices are moving in a rising channel which is a positive sign, a beak above 740 will surge price till 765-770 levels with support at 715 (closing basis)

The summation is MCX Copper is positively poised above 740 levels which will soar prices near till 765-770 levels with support at 715 (closing basis).

To view my previous articles on MCX Copper click on the below given link


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