MCX Copper Wave 2 to stay

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 MCX Copper daily chart

Analysis

As seen in the above chart, prices are moving in a lower highs and lower lows fashion, especially after making a high of 804 levels. MACD which is below the center line has exhibited fresh sell signal, indicating that the bias is negative. 

According to Wave theory, prices are moving in wave ii in which it is moving in wave c where wave i and wave ii is over and wave iii has started which can tumble towards 675-670 levels.

The summation is MCX Copper is negatively poised and can falter towards 675-670 price zone over short term.



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