Time Cycle differs for each commodity. Applying cycle is one of the ways to gauge what will be the next move. There are times when same cycle helps to capture the tops as well as lows.
Copper usually witnesses high volatility so is it easy to know if important low or high has formed? Below is the chart showing Time Cycle combined with Elliott wave technique.
MCX Copper weekly chart: (Anticipated as on 9th, October 2018)
(Below is the gist of research taken from monthly report published on 09th of October,2018)
In the current year of 2018 Copper has managed to hold above its low made near 400 and since then it is moving in overlapping fashion from last few months. Let us understand the medium to long term structure of this commodity.
??? weeks Cycle: We have applied ……. weeks cycle on the first chart which has been working extremely well. During the year of 2009 the prices formed bottom on the Cycle day post which upmove was witnessed. During the year of 2011 prices formed a top post which we saw sideways to negative action. Again during the start of 2013 we saw prices forming a low on the cycle day. During mid-2015 prices formed a top again on the cycle day. Prices again formed a low exactly near wave ii on the cycle day post which we saw upmove in the form of wave iii. This Cycle has been working extremely well in capturing the low and top alternatively. The next cycle top is now in …………. but there is a possibility that post completing the up move we form a lower high on this cycle.
Elliott wave perspective: The weekly chart of Copper shows that prices have completed Intermediate degree wave 3 near in the form of Impulsive pattern near 390 post which we saw correction in the form of wave 4 which was completed near the support trendline. The current up move is in the form of wave 5 and prices are forming ……… Pattern due to which we are seeing overlapping upmove.
In a nutshell, ……… So keep an eye on Copper which will provide the leading trend for base metal commodities.
The above analysis clearly shows how well the cycle theory works. To know what are the different cycles that can be applied, on other base metals and stocks as well as major indices and other various techniques. Check Diwali offer here and avail upto 50% less rate on our services.
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