This is a daily chart of Multi Commodity Exchange of India Limit

This is a daily chart of Multi Commodity Exchange of India Limited (MCX) on NSE, as of November 24, 2025.

The stock has shown a clear multi-phase uptrend over the past ~2 years, and the chart is annotated with five key stages that appear to follow a classic Elliott Wave / structural trend progression:

Wave 1 / Initial Impulse (left side)
Strong rally from ~₹1,800–2,000 zone to ~₹4,800 (+140–150%), accompanied by high volume.
Wave 2 / Deep Correction
Sharp pullback of ~37.58% over 66 bars, retracing most of Wave 1 but holding above the prior low. Typical deep Wave 2 behavior (often 50–61.8% retracement).
Wave 3 / Strongest Impulse (current completed phase)
Powerful extended rally from the Wave 2 low at ~₹3,000 to ~₹9,745–9,900 zone.
Gain: +220% in just 66 bars
Classic Wave 3 characteristics: strongest volume, steepest slope, often 1.618× or more of Wave 1
This move has already exceeded the 1.618 extension target of Wave 1.
Wave 4 / Ongoing Consolidation
Currently in a sideways-to-slightly lower correction after the explosive Wave 3.
So far it looks like a running flat or triangle, holding above the Wave 3 top (~₹8,200–8,500 zone).
Volume has dried up significantly — typical for Wave 4.
Expected Wave 5 (future)
The chart projects the final impulse leg higher, with common targets around:
₹11,000–11,500 (conservative, Wave 5 = Wave 1)
₹12,000–13,000+ (if extended, Wave 5 = 0.618 × Wave 1–3 distance)
The 59.36% and 82.27% projections shown on the chart align with typical Fibonacci targets for the end of a five-wave sequence.
Supporting indicators:

100 EMA (green line) acting as dynamic support throughout the entire uptrend.
MACD still above zero and not showing major bearish divergence yet.
Volume profile confirms highest volume nodes around current price (~₹8,500–9,500), suggesting strong institutional interest.
Current technical outlook (as of Nov 24, 2025):
MCX is in Wave 4 consolidation. As long as it holds above ~₹8,000–8,200 (previous Wave 3 top and 100 EMA zone), the bullish five-wave structure remains intact and the next leg higher (Wave 5) toward ₹11,000–13,000+ is the high-probability scenario in the coming months.

A decisive break and close below ₹8,000 would invalidate the bullish wave count and open the door to a deeper correction.