Aluminium went on a profit booking a few days back, now the market structure looks good for a buy.
If a 4H candle closes above 192.45 that's when the entry for buy(Aggressive buy). At 4H there is a proper ascending trend line, now the CMP has taken support over the ascending trend line.
Can expect a target of 208 in a month, and another target of 218 might take...
According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 - 172 - 168 - 162 soon.
At present, if we see for intraday traders, then it's upward. Aluminium will touch 184 - 186 levels, and then ABC correction will start.
Why now might be a good time to buy aluminium...
According to this chart, MCX Aluminium can fly from here if it does not close below 176.4 levels.
Targets: 178.6 - 179.6
Short-term targets: 180 - 181.6+
But, if it closes below 176.4 levels, then this call will deactivate. And it will start collapsing for the levels of 174 - 172 from there.
172.55-172.7 is a key Level (for today)
Close below or either this will give a good move towards that direction
Tgts will be the S1 or R1 basis shorting or long respectively.
As of now its more of a shorting opportunity - awaitng candle close
Short around: 176.2 (wait for 15 min candle to close completely below 176.25)
Disclaimer: These are just my views, I am only SHARING my views - kindly do NOT trade blindly with these levels, please do your own research before entering/ or as per advice from your own financial adviser.