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.
Aluminium very strong support zone at 169 to 170..wait for one more green confirmation candle for reversal or if breakdown happens and low of candle breaks we can go for sell
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)
SL: 176.65
TGT: 174.3
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.
Aluminium Long- Awaiting entry (If long entered - will be cancelling the short trade - previous idea published)
Entry around 173.2-173.25
TGT1: 174.5
TGT2: 175.65
SL: 172.75 (0.5 Points)
Aluminium Short opportunity developing - Still trade not active - once confirmed I will enter around the said entry.
Short Entry: 172.75
SL: 173.25 (0.5Points)
TGT: 169.75 (3 Points)
MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline ( TP: 159 - 156 ).
According to this chart, aluminum will not stop here. It is further advance up to 168 - 172 - 176 levels.
Aluminum metal seems in selling zone. Traders can go for short with the stop loss of 162. The Targets seem 161/159.50.
Disclaimer: I just shared my view. Please trade with your own and comfortable ideas.
At present, MCX aluminium playing on support trendline and drilling upward. Its volume is spiking 2X compares to average volume. Each spike is turning the existing trend. And moving average has tried to cross 50 MA with 20 MA but failed. That indicates continue uptrend ahead.
According to ADX & Fib retracement, the bullish trend will start after a crossover...
