MCX Copper Elliott Wave Analysis

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 MCX Copper hourly chart anticipated on 3rd October 2022


MCX Copper hourly chart happened on 5th October 2022


Analysis

In my previous update dated 3rd October 2022, I had mentioned that the red metal is likely to move higher and test 658-660 levels over very short term. Prices achieved my mentioned level- Anticipated Happened.

From the above chart, MCX Copper which is moving in a lower highs and lower lows has faced the resistance of the red channel and is on the brink to reverse. Hourly RSI is below the center line thus indicating weakness.

As per wave theory, prices have completed wave b of the second correction after wave a and is unfolding wave c lower in which it has completed wave i and wave ii and will start wave iii lower as it continuous to move in double correction (a-b-c-x-a-b-c).

The summation is MCX Copper can tumble towards 620 levels over short term.


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