MCX Copper finally managed to give a break of its long term consolidation in the beginning of May month and the fall has been steep and sharp. It’s amazing to see how well prices have been moving just in sync with our wave counts. Hence, just with the help of Elliott Wave we were able to capture the fall even before it began.
Below is the chart showing detailed analysis published in our research report – “The Commodity Waves STU”
MCX Copper April Daily chart: (Anticipated as on 30th April, 2019)
MCX Copper April 60 mins chart: (Happened as on 02nd May, 2019)
MCX Copper June 60 mins chart: (Happened as on 03rd May, 2019)
(Below is the extract from our daily commodity research report)
Anticipated as on 30th April, 2019- As shown on the hourly chart, prices have been moving in an overlapping manner and are moving in the form of corrective pattern. The bias looks to be negative but a decisive break below the low would push the prices lower.
In short, trend for copper looks negative. A break below 442 can take the prices lower towards 436 levels or lower. Immediate resistance is placed near 448 levels.
Happened as on 02nd May, 2019- Prices moved in sync with our expectation and made a low near 434 levels on 02nd May, 2019, post which it continued to trade lower.
Anticipated as on 02nd May, 2019- As shown on the hourly chart, prices completed wave b in the form of neutral triangle and we are now seeing wave c ongoing on the downside. Since the move has been steep and sharp the RSI has now entered the oversold zone, we can now expect some pullback in the prices which can be used as shorting opportunity.
In short, trend for copper looks negative. Any pullback can be used as a shorting opportunity for a move towards 435 or lower. Short term resistance is placed near 447 levels.
Happened as on 03rd May, 2019- Prices moved in sync with our expectation and witnessed a minor pullback post which it moved further lower to make a low near 428 levels.
The above analysis clearly shows how well Elliott wave works when combined with simple techniques like channels. We have a proven track record for 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. .
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