Application of Advanced Technical analysis on base metals like Zinc to understand the short to medium term trend.
Technical analysis can be applied on any asset class. There are number of forecasting theories which helps to understand the trend ahead. Advanced level of Elliott wave – Neo wave has specified certain new patterns such as – Extracting Triangle, Neutral Triangle, Diametric pattern which is not covered in Elliott wave theory.
Base Metals have been moving higher in corrective fashion since 2009. The pattern forming from 2009 on MCX Zinc weekly chart is Diametric pattern where we can see contraction followed by expansion. The part of research is taken from “The Commodity Waves Short Term Update” published on 13th April 2017.
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MCX Zinc Weekly chart: Following chart is picked up from “The Commodity Waves short term update”
Below research is picked up from the daily commodity update – “The Commodity Waves short term update”
“As shown in weekly chart, since 2009 primary wave B is ongoing which is forming Diametric pattern – this is a classical text book mirror image which is given in Neo wave studies. The sharp trend witnessed from the start of 2016 is in form of intermediate wave g which is the last leg of the pattern. This wave g is forming double correction pattern where minor wave (b) of second correction is ongoing. As per this wave structure one more leg on upside is pending in form of wave (c). Nevertheless over short term there is no positive confirmation and downside trend can continue before forming low in form of wave (b).
As shown in 60 mins chart, (60 mins chart is not shown purposely which is covered in research report) prices are in wave (v) of minute wave c. The down move has been sharp in nature which indicates any rallies is going to be short lived as long as …….
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