LEAD futures showing an interesting pattern
Wolfe Waves - For a true Wolfe Wave, the fifth wave instance in the pattern will be followed by a breakout in price and presently the lead futures are in end of 5th wave
so any breakout if it happens would become trigger point and the target would be the trend line
positional trade - SL and targets provided on chart
It's the daily chart of the MCX lead. Here, it has made the bullish Elliott pattern, and the ABC correction was completed on the 24th of December 2020. And right now, it started to move upside as per the rules of the bullish Elliott wave pattern. And it will move upwards till 158.6 - 162 .
Buy above 161.30 leads to the targets of 161.90/162.90
Sell below 159
Targets 158.5/157.2
*Please trade with your own analysis. I just shared my view.*
