Impulsive Rise Seen in MCX Copper, Check out Elliott Wave counts

MCX Copper has finally managed to rise and witness higher highs and higher lows formation from past 3 consecutive days. We are now seeing the trending move which is emerging on the upside.

It’s amazing to see how well prices have been moving just in sync with our wave counts. Hence, just with the help of Elliott Wave we were able to capture the rise even before it began.

Look below the chart and detailed research on MCX Copper taken from– “The Commodity Waves Short term update”

MCX Copper Daily chart:

Impulsive Rise Seen in MCX Copper, Check out Elliott Wave counts

MCX Copper hourly chart:

Impulsive Rise Seen in MCX Copper, Check out Elliott Wave counts

(Below is the extract of research from the Daily report published in “The Commodity Waves Short term update”)

Wave Analysis:

The Daily chart shows that primary degree wave 5 looks on-going within which intermediate degree wave I is in progress. A faster retracement of the last falling segment i.e. wave (E) indicates completion of wave 4. This indicates that currently the first leg of wave 5 is on-going on the upside in an impulse fashion. The weekly RSI has reached over overbought levels which indicate that the possibility of a consolidation cannot be ruled out.

As shown on the hourly chart, within wave I(blue) we can see that wave v red is on-going currently. Price is above the channel for now with hourly RSI in overbought condition. Hence the possibility of a correction cannot be ruled out. One can use buy on dips strategy as long as … level holds.

Overall outlook for Copper remain positive as of now as long as hourly moving average remain intact on downside. Also to know the medium term view given in July Monthly report. Get your copy here of “The Financial Waves Monthly update”

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