MCX Copper hasbeen moving in a range of 455-440 levels since the past many sessions and at such times only an objective method can provide with a precise way of trading. We were successful in capturing both short term upmove and downmove for two consecutive sessions just with the help of Elliott wave and basic indicators like MACD, moving average. See yourself
Below is the chart showing detailed analysis published in our research report -“The CommodityWaves STU”
MCX Copper60 mins chart: (Anticipated as on 16thApril2019)
MCX Copper 60 mins chart: (Happened as on 17th April 2019)
MCX Copper 60 mins chart: (Happened as on 18th April 2019 at 1:00 pm)
(Below is an extract of the research published in our daily research report)
Elliott wave Analysis:
Anticipated as on 16thApril 2019: As shown on the hourly chart, prices have been moving precisely within the upward sloping channel, we witnessed a throw over but managed to re-enter the channel. Also in the previous session prices took support near the channel and bounced from the same. The wave theory suggest that wave x looks ongoing on the upside. The bias looks to be positive. We can expect prices to head towards 455 levels in the coming sessions.
In short, trend for copper looks positive. Prices can move towards 455 levels as long as short term support of 447 stays intact.
Happened as on 17th April 2019: Prices moved in sync with our expectation and exceeded the target of 455 and made a high near 459 levels on 17th April.
We were also able to capture the downmove on 18th of April and below is the extract of the same:
Elliott wave Analysis:
Anticipated as on 18thApril 2019 at 10:00 am: As shown on the hourly chart, as per the wave theory there looks to be a high probability that wave x has completed near the high of 459 and we are seeing another set of correction beginning on the downside of which wave a looks ongoing. In the previous session prices had a gap up opening and post forming a high near 459 levels moved lower in the latter part of the session and took away almost all the gains. Also the MACD indicator is on the verge of a negative confluence and hence we keep a bearish view for this metal.
In short, trend for copper looks negative. Prices could move towards 447 levels as long as 456 stay intact on the upside.
Happenedas on 18th April 2019 at 1:00 pm: Prices moved just as expected and moved in sync with the wave counts. Copper managed to achieve the target of 447 and further moved lower towards 445.85 levels.
We have been BANG ON correct in capturing major reversals in other commodities like Gold, Silver and Crude as well. Subscribe to our daily commodity research report published under the name “The Commodity Waves STU”– Check here to get daily updates for the same and ride the trend with the help of reports.