Mcxcopper
MCX Copper in a Temporary Pullback (EWT)Copper has made the Bullish Elliott wave on the daily timeframe. It's completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it's still making it. It has to cross 585 - 580 - 560 . After that, It will rise for a short period to make the B. And it will fall again to make C. But all over, it's an uptrend.
If You Own MCX Copper, Look Out Below MCX Copper is playing under a parallel channel. Currently, it's at the support trendline. Additionally, there's a Fibonacci retracement value of 0.886 .
The best trading strategy for the day traders is:
According to a moving average and parallel channel's support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 - 540 - 556+ .
Important - Due to the election of the USA.
From where it starts collapsing?
You can sell the copper at/below parallel channel or Fib retracement value 0.886 for the targets of 516 - 506 .
Copper: Change in polarity1. support and resistance spotted
2. support broken
3. support now acts as resistance
4. falling gap from the resistance
5. Use the gap in your trading plan
P.S. Trade at your own risk, this is for educational purpose only! Do not treat this as TIPS! TIPS=SPIT
LEARN AND EARN YOURSELF .... INDEPENDENTLY
Copper Warning – This is Not a Selling OpportunityCopper has made a high of 509.25 and took U-turn. We may see at all-time high soon.
S-RSI is a key to take an entry.
Copper Positional Buy Weekly (1:3) Monthly 1:5 Ratio This is just to share my understanding and for educational Purpose.
I prefer simple and apt technical. If you like it. Please share your feed back, this would encourage me to share further.
