Aluminium: Expanding and Contracting Diametric pattern.

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Aluminium, after forming a low of 94 in the month of October last year, has started moving in a positive direction. However, the upside momentum is slow and can soon move in a sideways direction.

As per advance Elliott Wave theory, the recent up move is a bow and tie diametric pattern in which it has completed wave e and will now move down in the form of corrective pattern to complete wave f, followed by wave g on the up side.

The previous leg was a diamond shape diametric where wave g was completed in the month of October. The current diametric formation can be termed as bigger wave x.

In short, as of now prices can move down near till 101-99 levels, followed by another leg on the upside to complete one bigger wave.

MCX Aluminium Daily Chart 1st month Contract.



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