MCX Zinc Anticipated Happened Elliott Wave Analysis

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 MCX Zinc hourly continuous chart anticipated on 19th August 2021


MCX Zinc hourly continuous chart happened on 19th August 2021


In my previous update, I had mentioned that, "MCX Zinc is negatively poised over short term and can test the level of 244-243 levels."

The base metal faltered in the opening session and tested the range mentioned, it made a low of 243.1 and reversed quickly- Anticipated Happened

To check the previous article, you can click on the below given link

https://www.marketanalysiswithmeghmody.com/2021/08/mcx-zinc-elliott-wave-analysis.html

Prices have bounced from a crucial support range and can go through a relief rally or continue the uptrend. There are two possibilities from here which I can see

Possibility 1 - Prices can now transcend into its previous high and convert into triple correction which will continue the wave (a) higher in the third correction (a-b-c-x-a-b-c-x-a-b-c)

Possibility 2 - This is a part of correction either wave x or bigger correction converted into flat pattern.

I will continue to monitor this base metal and will update on timely basis.


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