MCX Zinc: Neo Wave Strong Wave B, Irregular flat pattern and Fibonacci levels

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MCX Zinc (Daily Continuous)


MCX Zinc was the best performer along with Lead last year. This year the metal had started moving lower due to profit booking and other fundamental reasons.

Looking at the Technical chart, Wave counts have been plotted and I have come to the conclusion that MCX Zinc is moving in an Irregular flat pattern (a-b-c). In which wave b is strong, that means wave b had retraced till 161.8% of wave a  (shown in the chart). Currently prices are moving down in wave c. This concludes that wave c will not retrace complete of wave b i.e 199 levels. As of now 61.8% of wave a to wave b is completed, now the immediate supports is at 100% of wave wave a to wave b placed at 213 levels.

In short, expect prices to tumble close to 215-213 support zone over short term. The bias will be firmly negative for this metal


Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Sandhar Technologies
14 July 2020 at 16:13
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