MCX Zinc Elliott Wave Analysis, Extension within extension

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 MCX Zinc daily continuous chart


As shown in the above daily continuous chart of MCX Zinc, prices are moving in a rising channel which is a positive sign. As far as higher highs and higher lows are intact the bias for this base metal will be positive and there are high chances for this counter to cross its previous high of 241.2 levels.

It is every evident that the lower rising trend line which is providing the support for this metal is crucial. Prices are trading above this trend line, if it persists above the crucial trend line support, prices are expected to soar.

From waves perspective, prices are moving in an impulse fashion, where wave 3 is extended in which 3rd of iii rd is extended, particularly known as extension within extension. Prices are on the brink to complete wave 3 in which wave v is pending which can cross 241.2 levels and touch 242-243 levels.

The summation is MCX Zinc is firm uptrend and it is expected to test the level of 242-243 levels as far as 234 is intact on the downside.


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