MCX Zinc Elliott Wave Analysis

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 MCX Zinc hourly chart


Analysis

MCX Zinc has been moving in a stealth uptrend, off lately it has shown signs of reversal. It broke the rising channel formation along with the rising wedge formation and dipped towards 280 levels. It is so important to see that it has taken a perfect support of the gap (shaded). Currently prices are moving in a falling channel and has arrived near to the falling channel support along with gap support, thus opening the possibility of a bounce back.

As per wave theory, after completing wave c in which wave v was an ending diagonal and after that prices faltered in wave a-b-c which will now open wave x higher towards 288-289 levels.

The summation is MCX Zinc can shown a resilience towards 288-289 levels.

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