MCX Zinc Elliott Wave Analysis

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 MCX Zinc hourly continuous chart


As shown in the above chart, MCX Zinc is moving in a higher highs and higher lows. However, the base metal has broken its previous low which opens negative possibility for this counter. It is very obvious, that Zinc prices will now sink near to its cluster of supports.

From Waves Perspective, prices are moving in a double correction as of now where after completing the second correction, it has now entered in a correction mode. This correction can be the end of the previous upmove or can convert into triple correction, for this it is imperative to monitor the move. For very short term, a fall is inevitable. As wave c of the current correction can plunge prices near till 244 levels.

The summation is MCX Zinc is negatively poised over short term and can test the level of 244-243 levels.

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