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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),...
Zinc is now looking overbought on the oscillators, there is a minor resistance here and hence there is every chance that we get some sort of correction from the current levels.
zinc hold abv 244 support buy only soon 249-50 sl 244 yes dedcta bounce expect in chart or if hold abv 252 thna u will see massive short covring till 257+++++++++++
zinc support 258 stya blw or close blw 2 days big move ahead yes bear formation head and shoulder pattern begin after lvl fulfill condition sell on rise with tight sl 262 tgt 254--248++++ let see or if hold abv 258 than mkt may bounce back
zinc esy on 267 stya blw or close blw 263--256 expect yes after sell on rise with tight sl271.55-- matel may be pressure due to china growth rate or usd move upcoming powel speech
MCX zinc has been forming the corrective structure in descending channel for more than 28 weeks. The ending point of impulse was 383.55 .
At present, MCX zinc has accomplished the corrective wave ((B)) and started forming sub-waves of the impulsive wave (C). Price has completed 78.6% retracement, where wave A = C at 217 . Zinc has accomplished wave (4) of...
MCX:ZINC1!
Everything mentioned chart ones get breakout, one can enter as per their trade setup. Target already mentioned and that is trailing basis, stop loss recent swing low.
******whatever charts or levels sharing here or on any other platforms are just for educational purpose only, Not A Recommendation To Buy Or Sell. Please...
The chart structure shows a strong bias toward the upside.
Most likely zinc is just starting to show initial signs, yet it's a fairly strong indication of higher side move.
As long as it continues to stay above the breakout level, & closes above 238, the probability of higher levels seems fairly strong.
At this point of time, targets of 260 to 280 seem be...
