Bullish Outlook as per Possible Elliott wave counts of Zinc mcx

Aug 4, 2023

Hello Friends

Here we had shared possible Elliott wave counts on Zinc Futures chart of mcx

Elliott Wave Analysis for Zinc Future (Hourly Chart)

Bullish Outlook:
On the hourly chart of Zinc Future, the Elliott Wave analysis suggests that the asset has completed wave 1 and wave 2. The current price action indicates the unfolding of wave 3, with sub-waves (i), (ii), (iii), and (iv) already completed. The ongoing sub-wave (v) is in progress, and the analysis considers the invalidation level for this count as the low of wave (iv) at 219.55.

Based on the Elliott Wave analysis, a potential long trade setup is identified with the following parameters:

One can enter a long position in Zinc Future at the current market price. Set the stop loss at 219.50, slightly below the low of wave (iv). Consider a possible upside target around 230 or higher.

I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.

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Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Analysis is for informational purposes only and should not be construed as financial advice or a recommendation to trade. Trading in financial markets involves significant risks, and past performance does not guarantee future results. Always perform your due diligence, seek professional advice, and carefully consider your risk tolerance before making any trading decisions.