Application of Advanced Technical analysis on base metals like Zinc
to understand the short to medium term trend.
Technical analysis can be applied on any asset class. There are number of
forecasting theories which helps to understand the trend ahead. Advanced level
of Elliott wave - Neo wave has specified certain new patterns such as - Extracting
Triangle, Neutral Triangle, Diametric pattern which is not covered in
Elliott wave theory.
Base Metals have been moving higher in corrective fashion since 2009. The
pattern forming from 2009 on MCX Zinc weekly chart is Diametric pattern where
we can see contraction followed by expansion. The part of research is
taken from “The Commodity Waves Short
Term Update” published on 13th April 2017.
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own charts on commodities – Zinc Futures (draw line chart) and share it across on our Trader’s Forum for collaborative learning or clarifying your doubts or sharing
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MCX Zinc Weekly
chart: Following chart is picked up from “The Commodity Waves short term update”
Wave analysis:
Below research is picked up from the daily
commodity update – “The Commodity Waves short term
update”
“As shown in weekly
chart, since 2009 primary wave B is ongoing which is forming Diametric pattern
– this is a classical text book mirror image which is given in Neo wave
studies. The sharp trend witnessed from the start of 2016 is in form of
intermediate wave g which is the last leg of the pattern. This wave g is
forming double correction pattern where minor wave (b) of second
correction is ongoing. As per this wave
structure one more leg on upside is pending in form of wave (c). Nevertheless
over short term there is no positive confirmation and downside trend can
continue before forming low in form of wave (b).
As shown in 60 mins
chart, (60 mins chart is not shown purposely which is covered in research
report) prices are in wave (v) of minute wave c. The down move has been sharp
in nature which indicates any rallies is going to be short lived as long as …….
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