MCX Aluminum Wave C to start?

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 MCX Aluminum 4 hour chart


Analysis

As seen in the above chart, prices found support at 78.6% of the previous rise from (210.40-215.20). It seems there are cluster of supports placed and the trend line which is supporting at the lower levels is tilted on the upside. RSI which was near to the oversold terrain when the price marked the recent low has reversed indicating that a pull back is on the cards.

From Waves perspective, prices faltered in a corrective fashion (a-b-c) where wave b was a triangle and wave c was 61.8% from wave a to wave b. This indicates that once corrective wave is over and another leg on the upside has unfolded. I think wave b on the lower side is over and wave c which will be impulse in nature will start.

The summation is MCX Aluminum has high chance to move higher towards 214.00-215.00 levels with support at 203.00 levels.

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