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Have you Traded our wave analysis on MCX COPPER?
Visit here: MCX Copper: Trend Forecasting Using Elliott Wave analysis
BEFORE
We have written clearly,”If the price remains above the B wave at 785, traders can consider trading towards the targets of 791- 809 – 821+.“
AFTER
Look at the above weekly chart of MCX Copper. It has created an ascending channel pattern without breakout. This channel started in the previous year’s April month. At present, it’s falling after making a tail. But how much it can go down? Copper may fall more from here, and that can be up to 728 – 710.6 levels.
But overall, it’s on an uptrend. So, soon it will start marching for the following levels:
760 – 780 – 800 – 820 – 840+
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LONG-TERM INVESTORS:
Copper has broken March 2020 resistance trend line, and true resistance breakout is a clear signal to buy. Target prices for long-term traders: 760 – 800+
INTRADAY TRADERS:
But at present, MCX copper can pull back to the previous resistance line to continue an uptrend. So, intraday traders can sell for the following targets: 690 – 680 – 676
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Copper has made the Bullish Elliott wave on the daily timeframe. It’s completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it’s still making it. MCX copper has to cross 585 – 580 – 560. After that, it will rise for a short period to make the B. And it will fall again to make C. But all over, it’s an uptrend.
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Silver is growing slowly. According to this chart, silver is trying to move upside from the strong support trendline. It’s a potential reversal point based on a support trendline.
Currently, it has broken a strong support trendline. We have chances to see a tail, fakeout, or excess here. That can be up to a hurdle. And the hurdle breakout is a direct sign of a downtrend.
After all, 200 MA is recommending further advance here. So, we can pick the silver mega lot for the targets of 63000 – 63360 – 63660 – 64000+.
Safe traders can wait for a 50 MA breakout before entering as well.
Click here: Copper detailed reports & tips
In that newsletter, I had written in bold words, “according to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+“.
On 16 Nov trading session, copper has made a high of 551 and touched the first two targets.
Click here: Will MCX Crude Palm Oil touch the 900?
How many of you bought MCX CPO? I had written, “currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI. Let’s have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+“.
Currently, CPO is running nearby 926 levels.
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