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 Zinc Anticipated Happened Elliott Wave Analysis

 MCX Zinc hourly continuous chart anticipated on 19th August 2021


MCX Zinc hourly continuous chart happened on 19th August 2021


In my previous update, I had mentioned that, "MCX Zinc is negatively poised over short term and can test the level of 244-243 levels."

The base metal faltered in the opening session and tested the range mentioned, it made a low of 243.1 and reversed quickly- Anticipated Happened

To check the previous article, you can click on the below given link

https://www.marketanalysiswithmeghmody.com/2021/08/mcx-zinc-elliott-wave-analysis.html

Prices have bounced from a crucial support range and can go through a relief rally or continue the uptrend. There are two possibilities from here which I can see

Possibility 1 - Prices can now transcend into its previous high and convert into triple correction which will continue the wave (a) higher in the third correction (a-b-c-x-a-b-c-x-a-b-c)

Possibility 2 - This is a part of correction either wave x or bigger correction converted into flat pattern.

I will continue to monitor this base metal and will update on timely basis.


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