Timeframe: Daily
In our previous report, we projected the wave (C) of wave 4. The ADX has started rising to 25.56, while the ATR of the price has increased to 2095. The price has broken down to the 100 EMA and touched the 200 EMA, indicating increased volatility and potential for further movement.
If wave C extends to 1.618%, we might witness the destruction of the impulsive structure, which could significantly alter our projections. This extension could reverse the price to 79339, as further extensions might lead to the invalidation of the current setup. According to Elliott’s Wave Theory, wave 4 can never enter the price territory of wave 1, and violating this rule would invalidate our wave count. Currently, the retracement of wave 4 is at the 61.8% Fibonacci retracement level of wave 3, which is a critical juncture. Maintaining this level is crucial for the continuation of the impulsive structure, and any breach could signal a major shift in market dynamics. As we monitor these developments, our focus will remain on confirming whether Wave 4 holds above the Wave 1 territory and adheres to the established wave principles.
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I had written clearly, “Traders can trade this downward move with the following targets: 814 – 800 – 790+.”
Timeline:
[22 July 2024]
- 09:30 AM – Price reached the first target of 814.
[24 July 2024]
- 06:00 PM – MCX Copper hit the second target of 800.
[25 July 2024]
- 09:00 AM – Price achieved the final target of 790.
If you have traded this setup, you could have made more than ₹90,000 / lot.
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Sir can u update gold?
how to get those premium book made by you?
It was a fantastic call! looking forward for more commodity signals.