Timeframe: Daily
MCX Copper shows a developing Elliott Wave structure. Wave 1 topped at 862.50, followed by a correction to 820.25 in Wave 2, which held within the 0.5 to 0.618 Fibonacci zone. A strong bullish Wave 3 then pushed prices up to 905.90, after which a standard ABC correction occurred. Wave 4 seems to have completed at 878.35, near the 0.382 retracement level. Now, copper is trading just below the key breakout level of 901, and a breakout above this could confirm the start of Wave 5.
The ADX indicator currently reads 20.79, indicating a weak trend. For the expected bullish move to gain strength, ADX needs to rise above 25. The ATR suggests moderate volatility, with stable candle sizes supporting a gradual move. If prices sustain wave b at 901, Wave 5 may unfold with upside targets at 913 – 919 – 927+. Note that a failure here would result in a new swing low, completing the final leg of the flat correction for wave 4.
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Sir was waiting for the stock of the month
Amazing analysis as usual.