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

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.


Popular posts from this blog

Nifty in Ending Diagonal Pattern?

GOLD and Elliott Wave Counts

Gold Anticipated Happned