MCX Zinc: Flat pattern to unfold

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MCX ZINC is probably moving in a flat pattern (3-3-5). As of now it is moving in wave b of a flat pattern. Wave a which came down to test the level of  96.65 was in the form of diametric pattern. The current up move looks to be a simple (a-b-c). 

Currently it is soaring in the last leg of wave b i.e. wave c. The momentum is very strong in wave c which can be seen clearly from the below mentioned chart. To evaluate that ZINC is moving in a flat pattern some rules need to be fulfilled.

1. In a flat pattern wave b need to move above/below 61.8%. As of now there is no sign of moving above 61.8% which is placed at 132 levels.

2. Time taken by wave b has to be more than wave a, which is still lacking.

If prices move above 132 levels then there is a high possibility for prices to touch 80% retracement of wave a which is placed at 143 levels.

The bias for MCX ZINC remains positive as it can test 143 levels only if it sustains above 132 for considerable time.

MCX ZINC (1st month contract)




Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
ABC INDIA LTD
15 July 2020 at 16:12
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