RK_Charts

Bullish Outlook as per Possible Elliott wave counts of Zinc mcx

Long
MCX:ZINC1!   ZINC FUTURES
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
RKπŸ’•

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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.