aluminium tips

According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 – 172 – 168 – 162 soon.

At present, if we see for intraday traders, then it’s upward. Aluminium will touch 184 – 186 levels, and then ABC correction will start.

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.

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.