MCX Copper Elliott Wave Analysis

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 MCX Copper hourly continuous chart


Analysis

From the above chart, MCX Copper has moved above the falling red channel and has discontinued the lower highs and lower lows formation. At present it has crossed its previous high of 685 levels and has closed above it thus opening further positive possibilities. Prices are likely to continue the Bull Run and can reach 750-770 levels, currently it is trading at 703 levels.

In the lower panel I have added ADX which is showing immense strength in the recent uptrend. At present it is at 40 levels in hourly chart but in daily it is close to 20.

As per wave theory, prices have completed wave i and wave ii and currently it is moving in wave iii in which wave iii is extended. Prices are likely to reach 261.8% of wave I to wave ii which is placed at 770 levels.

The summation is MCX Copper is positively poised and can reach towards 750-770 levels over short term with support placed at 660 (closing basis).


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