MCX Copper moving in a symmetrical triangle pattern and its post pattern implication

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MCX Copper is under performing after China started slowing down in the mid of 2015. Since then it is moving precisely in a down ward sloping red channel by forming a lower high and lower low formation.

Currently it is consolidating near the resistance of the red channel. It is imperative for prices to reverse, thus continuing the downtrend. However, it seems that before it reverses, it will consume some time and will trade in a thin range of 315-320 levels as it is forming a crucial pattern.

As per wave theory, prices are moving in a complex correction pattern (w-x-y-x-z). Currently it is moving in a triangle pattern which is the second counter trend i.e. wave x. In wave x still wave d and e are left to form. After completing triangle pattern, prices will move down in the form of wave z.

In short, prices will consolidate within range of 315-320 levels and then will reverse to test the level of 295.

MCX Copper February'16 Contract Daily chart




Comments

Phani Kumar said…
Hey, thanks for the information. your post s are informative and useful.
Music Broadcast Ltd
6 August 2020 at 14:45
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