MCX Copper Quarter Chart View: Long Term Correction Still In Progress

Dated 10/10/2015

MCX Copper Quarter Chart View: Long Term Correction Still In Progress

MCX COPPER (Price figures below are in Rs/INR per Kg)

The above chart is the quarter chart which shown Wave A ended at the peak of 512.65 in 2013.

Since then correction is being witnessed and Wave B is in progress which can end at 280 or at 209 or if breakout and close above 352 is witnessed also confirm the end of Wave B.

Wave B appear to be in falling channel and looking to open up the third leg of the triple combination which could end at 61.8% retracement level of the rise from 138.5 (2008) to 512.65 (2013) or at the demand zone of 209-138.

The current correction can end if breakout above it witnessed or after reversing from 280 or 209.

Strategy

Objective remains to exit long till 353 is not crossed as lower level of 280 or 209 could be tested in short to medium term with volatility

Rally can resume for Wave C on breakout and close above 353.

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