MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline (TP: 159 – 156).
According to this chart, aluminum will not stop here. It is further advance up to 168 – 172 – 176 levels.
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MCX Aluminium has started falling due to Elliott Wave’s ABC correction. Expected A is at 100% or 161% retracement of wave 5.
Therefore, it can start rising from here to the level of 164.4. The day traders can have the advantage of this impulsive ride of B.
According to ABC correction, we may see the Aluminium prices below 161.6 – 159.4 before the weekend.
At present, MCX aluminium playing on support trendline and drilling upward. Its volume is spiking 2X compares to average volume. Each spike is turning the existing trend. And moving average has tried to cross 50 MA with 20 MA but failed. That indicates continue uptrend ahead.
According to ADX & Fib retracement, the bullish trend will start after a crossover ADX value of 25 until intraday traders can keep selling Aluminium for the targets of 150.6 – 149.6.
What happens after ADX > 25?
Aluminium will start moving upside for 154 – 156.6 – 160+ levels.
According to this chart, aluminium is moving flat under the rectangle pattern. The top of this rectangle is the resistance, and the bottom of this rectangle is the support. The trend is making frequent parallel channels between the support and resistance of this rectangle.
At present, aluminium is playing into support trendline (B). There is a crucial support. Fakeout, volume spike, massive buying pressure, and S-RSI crossover is made in that area.
So, break out of the crucial support means downfall for the levels of 143.6 – 142.6.
…but aluminium will try to climb because of 50 & 10 MA crossover. Therefore we may see prices at 146.6 – 147.4 – 148+ soon.
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As per the chart, keep your eyes on Aluminium-bull resistance line. We may see prices at 143 – 144.6 or above soon.
This rally will stop after breaking out the resistance line. So what’s next then? You can take fib levels as targets.
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Gold has made a new high as per the last update based on Elliott wave theory. You can check the last updated chart: This GOLD Elliott Wave Will Confirm The Next Move
For intraday traders:
If that is a right shoulder, C (T1) and C (T2) are the next targets. S RSI is confirming the downtrend by crossover.
For the long-term investor (Hurdle Breakout):
T1: 47560
T2: 47260
T3: 47000
Invalid: Above 48400 OR Head.
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