MCX Copper change of trend underway?

 MCX Copper anticipated on 21st Oct 2023


MCX Copper happened on 14th Dec 2023


Analysis

In my earlier article, I expressed the view that MCX Copper prices would undergo a trend reversal after forming an accumulation pattern at the bottom. As anticipated, prices have indeed shifted direction and, notably, have successfully surpassed the resistance level.

To read my previous article on MCX Copper, click on the below link

https://www.marketanalysiswithmeghmody.com/2023/12/mcx-copper-change-of-trend-underway.html

With a clear bullish breakout from a descending channel, it's evident that MCX Copper prices are poised for a positive trajectory in the foreseeable future. The red metal is expected to explore levels between 760 and 777, representing the 61.8% to 80% retracement of its previous decline.

From a wave analysis perspective, the ongoing upward movement could be classified as wave c, following the completion of wave b in three legs (a-b-c). However, definitive evidence supporting it as an impulse wave is currently lacking. Further signals are awaited to confirm its classification as an impulse wave.

To sum up, MCX Copper exhibits a favorable outlook, potentially reaching levels of 760-777 in the short to medium term. It's crucial to note that any downward movement below 687 would invalidate the upside target.

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