MCX Metaldex: Elliott Wave Analysis

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 MCX Metaldex continuous hourly chart

MCX Metaldex is moving in a higher highs and higher lows and it is moving precisely in a rising channel which is a positive sign. Prices have recently broken a small falling trend line which opens further positive possibilities.

As per Wave theory, prices are moving in an impulse fashion, where the current wave is in wave iii in which wave (iii) is extended and in wave (iii). At present wave (iii) final leg is pending which can soar till 18600-18700 levels. Currently it is trading at 18235.

The summation is MCX Metaldex is positively poised and can surge till 18600-18700 levels as far as 17850 is protected.

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