MCX Aluminum revisited and Elliott Wave Analysis

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 MCX Aluminum 2 hour continuous chart.



Analysis.

In my previous update I had mentioned for MCX Aluminium that it will test the level of 199 when it was trading at 204, it plunged till 190 levels - Anticipated Happened

To view my previous article on MCX Aluminum click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2022/10/mcx-aluminum-elliott-wave-analysis.html

From the above chart, MCX Aluminum tumbled as expected and reached lower till 190 levels thereby achieving my mentioned level 198 (covered in my previous report). Currently prices are moving in a stiff range of 190-210 levels. It is imperative for the metal to close above the resistance which will open further positive possibilities.

In the lower panel I have added ADX which is showing strength of the recent trend, it currently stands above 20 and can move back till 35 as prices are positively poised.

As per wave theory, prices have completed wave i and wave ii in complex correction, it has started wave iii higher and it is likely that it will move up till 215 levels which is 100% of wave i. Normally wave iii are larger and can rally till 161.8%, but minimum target comes to 215.

The summation is MCX Aluminum is positively poised and can move till 215-220 range over short term with support placed at 198 (closing basis).


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