MCX Aluminum Elliott Wave Analysis

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 MCX Aluminum hourly continuous chart

Analysis

From the above chart, MCX Aluminum has given a bullish break in a falling channel which is a positive sign and also an indication that the trend is on the brink to change from negative to positive. After crossing the resistance prices then started moving lower and it is now set to test the support of Fibonacci.

I think aluminum price can test the support of 50% of Fibonacci from (186.5-211.35) which is placed at 199 levels. The CMP is 204 and it can slip towards 199 or close to it.

As per wave theory, prices moved up in an impulse fashion and is now moving down and it looks corrective. I think wave c has started on the downside or wave a is over then wave b higher and then wave c back down. Two probabilities are here to stay.

The summation is MCX Aluminum can test the level of 199 over short term.


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