MCX Copper: Elliott Wave Analysis

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 MCX Copper hourly continuous chart


As shown in the above hourly chart, a sideways move is seen in red metal and it will continue to do so as there is a high possibility for the metal to test its resistance. The range in which it is moving is 720-750, so it is likely that 750 is likely to be tested.

From Waves perspective, prices are moving in wave b and it is currently moving in wave c of wave b in which it is forming wave iv and wave v is pending.

The summation is MCX Copper is likely to test 750 levels over short term with support at 726.

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