MCX Copper since a couple of days has been moving lower in the form of an impulse wave c which is a part of on-going corrective wave ii. We managed to capture this down move with simple support and resistance techniques while the directional bias was guided by Elliott wave analysis.
Below is the chart with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Copper Sept 60 mins chart: (Anticipated as on 23rd September 2019)
MCX Copper Sept 60 mins chart: (Happened as on 24th September 2019)
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 23rd September 2019– As shown on the daily chart, wave iv (blue) formed a triangle and was completed near 400 levels. We are currently seeing the price movement in the form of wave v. As the higher degree is forming an ending diagonal, every leg of wave v will be corrective in nature. In the previous trading session a large red body candle was formed which indicates bearishness could be seen in the short term if 451 level hold on the upside.
As shown on the hourly chart, it appears that currently wave (c) in the second leg of wave v (blue) is in progress. Immediate support can be seen at 442.50 levels and resistance is at 451levels. We could see a test of 450 levels and then a downmove.
In short MCX Copper looks to be sideways to negative. If price breaks below 442.50 levels we could see a move towards 438. While on the upside immediate resistance is near 450-451 levels.
Happened as on 24th September 2019 – Prices moved just as expected and made an intraday low near 439.40 levels.
The above analysis shows how well supports and resistance work with Elliott wave analysis and we have a proven track record for the same. Get to know what will be the next move of Gold, Silver, Crude and other metals you can subscribe to Intraday calls on commodity and get the Elliott wave research with detailed analysis free with it. Get access here