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Visit here: MCX Copper: Trend Forecasting Using Elliott Wave analysis
MCX COPPER – Trading Insights & Updates
BEFORE
We have written clearly,”If the price remains above the B wave at 785, traders can consider trading towards the targets of 791- 809 – 821+.“
AFTER
MCX Copper: Trend Forecasting Using Elliott Wave analysis
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.
MCX Gold & Nickel – Profit Booking Time
Did you read the gold report? If not, click the below link.
22 Feb 2022: MCX Gold’s Bullish Mode Activated
While the gold price at 50532, I had written, “we will see the gold price above 51160 – 51740“.
Today, it has touched the first & second target. Who bought it? Profit per lot: Rs.1,20,800
I have updated a full report of Nickel on Feb 6, 2022. Did you read it? If not, click the below link:
2020’s Uptrend Channel Is Everything For MCX Nickel
I had written, “It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+“.
Today nickel has touched all targets. Who bought it? The target was 133.4 points. Profit per lot: Rs.2,00,100
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2020’s Uptrend Channel Is Everything For MCX Nickel
MCX Nickel is following the above uptrend channel from 23 Jan 2020. And making a good trade opportunity for commodity traders. Nickel’s upward trend is not over yet. But we may see a downfall below the control price, and it can be up to 1686 – 1620.
But what happens if it breaks the control price?
It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+.
