MCX Zinc Elliott Wave Analysis

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 MCX Zinc hourly continuous chart


From the hourly chart, the base metal is surely moving in a positive direction after forming a bullish cup and handle pattern. As far as the low of the handle is intact prices will continue to surge. Also, yesterday it came back to test the support of the horizontal trend line which was earlier acting as a resistance (marked by arrows), this is an indication that prices are at crucial support and can bounce back from this juncture.

As per Wave theory, I think prices are moving in a corrective wave (a-b-c) where it is on the brink to complete wave b in a flat pattern and might or will start wave c higher which can go till 244-245 levels.

The summation is Zinc is in positive terrain and can move higher from current levels till 244-245 levels over short to medium term.


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