How to trade Copper precisely? Amazing application of Elliott wave!

MCX Copper had been moving precisely as expected and following Elliott wave along very well.

In below research you can clearly see how we have been able to capture the entire up move early on and the trend continued higher from the lows of 430 and now near 451 levels.

Below chart was shown in our commodity report – The Commodity waves short term update.

MCX Copper 60 mins Feb chart (shown on 14^th December)

Happened:

MCX Copper 60 mins Feb chart:

Waves Analysis:

On 13^th December morning we mentioned the following – In short, Copper is building momentum on upside. Use any dips towards 430 levels as buying opportunity for a move towards 440 or higher levels can be expected.

On 14^th December morning we mentioned the following – Over short term, as shown on hourly chart, Copper has broken out of the downward sloping channel and can now move towards 445 mark. The overall bias will be positive and any dips should be used as buying opportunity. In short, Copper trend remains positive as long as 430 is protected on downside. Move above 439 can take prices towards 445 levels which is 61.8% retracement of the entire fall.

On 19^th December morning we mentioned the following – prices are now near the upper end of the black channel and so buy on dips is ideal strategy in this commodity. Move towards 445 – 446 can be used as buying opportunity as long as 440 is intact. In short, Copper trend is positive as of now. Move towards 445 should be used to create long positions with strong support near 440 on downside.

On 20^th December morning we mentioned the following – Copper is positive as long as 444 is protected. Move below this level will result into sideways action. We can now expect a move towards 453 on upside. BANG ON!

Happened: Copper is currently trading at the highs of 451 on MCX and we have been bullish all the way up from 430 levels in just few days of time.

The above research highlights the power of Elliott wave applied on base metals like Copper. Subscribe now to “The Commodity waves short term update” and see how to trade Gold, Silver, Crude and Copper. You can also opt for receiving Commodity Tips for calls directly on your mobile or whatsapp. Subscribe NOW