MCX Aluminum: Stealth Bear trend and Elliott Wave Analysis
MCX Aluminum 2 hour continuous chart
As seen in the above chart, it is very clear that pries are in stealth bear trend. The metal price continues to move in a lower highs and lower lows and moving precisely in a falling channel.
Recently prices were moving in a stiff range of 214-206 levels which was broken last week and has bounced back after making a low of 202. Currently prices are moving higher to test the level of 206, which when done will resume the major trend. RSI has also relieved from the oversold terrain.
As per wave theory, prices completed wave iv in a symmetrical triangle pattern and has opened wave v on the downside. This wave can move down towards 195 levels.
The summation is MCX Aluminium is firmly negative as it has a crucial resistance placed at 206 levels. The metal can sink towards 195 levels as far as 209.3 is intact on the upside (closing basis).