MCX Nickel Elliott Wave forecast

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MCX Nickel Daily chart


MCX Nickel is moving in a higher highs and higher low formation after a dynamic move down from 1300 to 960. However, it seems that the trend is now changing.

As per ElliottWave, I think either wave I/ a is formed followed by wave ii/b lower 1009 and now what it is witnessing is wave iii/c. If it is wave c I am expecting it to go till 1084 and if it is wave iii it can go till 1129 which is 161.8% of wave i to wave ii.

In short the bias is purely positive for Nickel as it can move till 1085 to 1129 in near term.

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