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.

SHIBA INU ElliottWave Analyais

SHIBA/USD hourly chart
As shown in the above chart, the crypto currency is moving in a higher highs and higher lows, but now it is at a challenging terrain where it is difficult to come to a concrete conclusion that where and how it can resume the major trend.

I have found out two important supports from where prices can reverse and resume it's uptrend (shaded area).

Wave theory suggests, prices have completed an impulse wave and has started corrective wave, either the correction is over, as it is showing resilience or it will move back down in form of wave c to complete (a-b-c) pattern and slump till next shaded region.

The summation is, Shiba Inu is near important support, break of $0.0000780 will sink price till $0.0000720. If it stays above $0.0000780 then it can surpass $0.0000950.


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