MCX Copper to dip

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Daily Chart Continuous

From past one year Copper has given significant returns as it has jumped from 310 to 466 levels. Currently it is correcting from the the recent top of 466 levels. It will be imperative to see that how much it will correct in near future and what will be the post move after correction.

Neo wave theory will help to understand the impulse and corrections. From the above chart it is very clear that prices are moving higher in an impulse fashion. Wave 1 is equal to wave 3 which means there is high possibility for wave 5 to extend. Here in wave 2 a flat pattern can be seen. So now prices which are currently moving lower will not make triangle pattern but infact will fall down significantly down till 430-420 levels and will form wave iv (remember intricacy and alteration). Thereafter wave v will start and can be the longest of the three impulse waves.

In short, in near future prices will correct near till 430-420 levels and then it will resume the uptrend.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
INDRAPRASTHA MEDICAL CORP
30 July 2020 at 15:17
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