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MCX Aluminium – Elliott Wave Projection

Timeframe: Daily
NSE aluminum futures have begun an upward movement after reaching a low of 186.7. The current pattern can be viewed as a corrective A-B-C formation, characterized by the slope of its waves. The average true range (ATR) has decreased to 4.21, while the ADX has declined to 19.50.

Wave (2)/B completed at 193.2, marking the beginning of wave (3)/C. Within wave (3)/C, the price is forming sub-wave 4, with sub-wave 5 expected to commence soon. A crucial support level lies at 227.8. If the price remains above this level, traders may consider targeting the following levels: 238 – 246 – 259+. In the contract situation, the correction pushes prices downward.

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MCX Gold – Elliott Wave Outlook

Free nse gold chart calls

Timeframe: 4h
After reaching a high of 74442, the price has entered a corrective W-X-Y formation. This correction has caused the ADX to drop to 15.45. The price has broken below the 20/50 EMA and is now approaching the 50 EMA.

According to the wave principle, MCX gold completed wave (W) at 70751 and wave (X) at 72876. The price is currently fluctuating within the choppy slope of wave (X). If the price breaks down from the corrective channel of wave (X), traders can anticipate a decline towards wave (Y). Targets for sellers are 70968 – 70400 – 70000+. After the completion of wave (Y), we can expect a bullish rally to counter the correction.

We will update further information for premium subscribers soon.

Will Natural Gas hit the second target of 374.2?

Free mcx naturalgas chart calls

We had mentioned clearly, “Traders can take the following target for their long positions: 258.2 – 374.2 – 456.6 – 537.2 – 653.2+.”


[12 June 2024]

  • 09:00 AM – Price hit the first target of 258.2.

If you had traded this setup for just the first target, you could have made more than 129 points or 100% in 18 weeks.

Free subscribers can book their profits here. we will update further information for premium subscribers soon.

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