EWT – MCX Zinc Is Ready For Its Final Impulse
MCX zinc has been forming the corrective structure in the descending channel for more than 28 weeks. The ending point of impulse was 383.55.
At present, MCX zinc has accomplished the corrective wave ((B)) and started forming sub-waves of the impulsive wave (C). Price has completed 78.6% retracement, where wave A = C at 217. Zinc has accomplished wave (4) of wave ((C)). Wave ((C)) retraced 61.8% of wave ((A)). Zinc is trading below 50-day EMA, and RSI is above 30.
Zinc will try to test the price hurdle of 267, so traders can sell zinc nearby 267 for the following targets: 252.6 – 246 – 244.
Target measurement using the Fibonacci relationship:
- Wave (5) of wave ((C)) can end near 161.8% reverse Fibonacci retracement.
- Wave ((C)) can occur near 100% extension at 217, where wave A = C.
- Wave ((C)) can cease to exit at the lower band of the parallel channel.
Trade setup with entry, exit and invalidation is only available for premium subscribers.
Will MCX Gold Prices Touch 49000?
According to the above chart, gold is playing between the green area. Currently, it’s close to the 50100 level. This level breakout will hit hard on MCX gold prices. And we can see the following target prices in the upcoming days: 49880 – 49500 – 49160
But what will happen if it remains above 50100? My answer is straightforward for you. STOP SELLING! This level can turn off the downtrend, and gold prices will start moving forward.
So where can you buy/sell? Accurate entry-level + targets + stop loss = available for premium members only.
MCX Natural Gas – Tips & Update
Have you traded MCX Natural gas trade setup?
Click here: MCX Natural Gas – Impulsive Wave Setup
MCX Natural Gas – Impulsive Wave Setup
Currently, Natural gas is forming sub-wave 5 of impulsive wave C. Natural gas has also broken down 200EMA and the base channel of 2 – 4 wave, which signals bearish momentum. It has faced strong support of 515, but the price didn’t respect the level and ended up losing bullish momentum.Continue reading
MCX GOLD – Intraday Setup For Premium Subscribers
Please log in to read the entire text. If you don’t have a login yet, please subscribe now to get access.