MCX COPPER Elliott Wave Analysis

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MCX COPPER 60 mins chart
MCX COPPER is in downtrend as it persists in falling channel. However, the red metal has shown resilience from the support of the channel where it gave a bullish break in falling wedge pattern.

As per Wave theory, prices completed corrective pattern (a-b-c) which was a simple zigzag. After ending diagonal pattern in the last leg of wave c prices can move up either in the form of wave x or a new high can be made. It is early to say that and so I have come to a conclusion that it will reach to the early resistance.

The summation is MCX COPPER will surge till 790-795 levels over short term.

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