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 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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