MCX Copper : Elliott Wave 5 on the move

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 MCX Copper daily continuous chart


Analysis

In the above daily chart, prices continue to move in a higher highs and higher lows after coming out from the consolidation zone. There is a high possibility for prices to move higher from current levels which can attempt to reach its preceding high.

ADX has started moving higher. However, the strength is still not seen but once it moves above 20 then the trend will show immense strength.

As per wave theory, prices completed wave iv of higher degree in a symmetrical triangle pattern. It has now opened wave v of wave iii which can go till 770-776 levels.

The summation is MCX Copper is set to move in a positive direction and can test the level of 770-776 over short term.


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