MCX Copper: Classic Corrective Pattern to complete

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 MCX Copper hourly chart

Analysis

As per above chart, Copper prices are moving in a lower highs and lower lows after making a high of 950 levels. Currently, the red metal is moving in a falling channel, but it has arrived near crucial support. The support of 870-860 highlighted in the chart is support of the gap, which I think will be acting crucial for the metal. On the lower panel I have placed RSI which is exhibiting positive divergence, which is also supporting copper prices.

From Wave perspective, prices have or is on the brink to complete classic corrective pattern (A-B-C) where in wave c there is impulse wave count as showcased on the chart. It is matter of time that prices will show either a reversal or a bounce back from current levels CMP is 873.

The summation is as far as the support zone of 870-860 is intact on the lower side I am expecting some bounce back towards 890 levels. Any move above 895 will open further positive possibilities for MCX Copper which can soar prices towards 930 followed by 950 levels.

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