On April 15, 2013, we witnessed a sharp fall in bullions and base metals. Copper hit 1-1/2 year low thesame day. Elliott wave theory and triangle break out pattern helped us to catch the fall in MCX Copper from 430 to 370 levels, enabling us to drive the trend on downside.
MCX Copper Daily Continuous chart:
MCX Copper 60 mins chart (April Contract):
Waves Analysis: As shown above in 60 mins chart of MCX Copper, prices failed to move above upper end of the downward sloping blue channel, turning from the high of 390 and closing on a negative note.
At present, prices have arrived near the lower end of the sloping blue channel. Momentum indicator RSI has relieved the oversold position. If prices turned on upside in today’s trading session, it will form higher highs and higher lows formation, providing the first sign for the trend change.
On intraday basis, a move above will take prices higher towards the previous high. A further move above will infuse the buying pressure, and prices can move higher towards the next resistance.
The daily chart above shows triangle breakout pattern, and a violent fall in MCX Copper the last two months (arrow). A combination of Elliott Wave Theory and pattern break out suggested there is more fall remaining in this commodity over medium term.
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MCX Copper: Classical Triangle Break Out Pattern
Published 04/29/2013, 07:30 AM
Updated 05/14/2017, 06:45 AM
MCX Copper: Classical Triangle Break Out Pattern
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