MCX Copper has finally managed to break above its long ongoing range of 421-430 levels. We might now see a trending move which is emerging on the upside. 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 rise even before it began.
Look below the chart and detailed research on MCX Copper taken from our Monthly research report – “The Financial Waves Monthly update”
MCX Copper weekly chart:
(Below is the extract of research from the Monthly report published in “The Financial Waves Monthly update”)
Elliott wave perspective: The weekly chart shows that primary degree wave 5 looks ongoing within which intermediate degree wave iv is on-going. Primary degree wave 5 looks to be forming an Ending Diagonal pattern as wave iv has entered price range of wave i. For internal counts clarification we have shown the daily chart (in actual monthly report), within which intermediate degree wave iv has been moving in an overlapping manner in the form of triangle pattern. The same looks to be complete near the lows of … and now wave v has started higher. Decisive close above ….levels will further confirm positive breakout in this commodity.
Fibonacci retracement- Fibonacci retracement is a method of technical analysis for determining support and resistance levels. On weekly chart, prices look to have retraced nearly 50% of the rise since wave 5 began and we can see it has been taking strong support near this level from where prices have recently bounced off.
…. weeks Cycle: The … Weeks’ Time cycles have been working extremely well and have helped in capturing major lows and highs. Prices are now nearing the cycle and it would be essential to see if the same works out this time too. We are keeping a close tab on the prices.
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