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

How to trade Commodities Neo wave pattern?

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 13^th April 2017.

Plot your 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 something extremely exciting with everyone.

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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What to expect next in Energy Commodities like Natural Gas?

Understanding long term structure of Natural Gas with the application of Elliott wave, Channels, Moving average and RSI.

It is not only precious metals which have shown sharp rally in the year of 2016 but along with this energy commodities have also shown relief rally. 

The movement witnessed since start of 2016 again reflects that how majority can be at wrong side when trend is due to reverse. In the month of February 2016 WTI Crude was trading at $26.06 and post that it sharply recovered towards $51 level. The gain of more than 100% when majority was expecting Crude to move lower towards $10 level. The same is the case with MCX Natural Gas which has rallied from the low of 110 to 202 level in last few months. So what it suggests for Energy Commodities from medium term perspective? Understanding the trend of any asset class is important with objective technical tools, so that one can prepare himself for the next trend. Below research we have taken from “The Commodity Waves Short Term Update” dated 20^th September 2016 on MCX Natural Gas.             

MCX Natural Gas weekly chart:           

(Part of research taken from “The Commodity Waves Short Term Update” dated 20^th September 2016)

Wave Analysis:

“Post the underperformance of last few years, in the current year of 2016 finally some relief sign was witnessed in Energy space. Crude has shown recovery from the low of 1800 and as of now moving in consolidation whereas Natural Gas bounced back from the important support of 110 and sharply moved higher towards 202 level in last few months. This is suggesting that underperformance is complete and in next few months we can witness uptick in this commodity. Let us understand the long term chart of Natural Gas.

The weekly chart indicates that in the year of 2008 in which Financial Crisis began prices made important top at 600 level and since then correction is ongoing. This correction is forming complex correction pattern (W-X-Y-X-Z). Recent bounce back is witnessed from the zone which was seen in 2009. It is interesting to see that ignoring the news or events prices respected the support area and sharply bounced back.

Prices have retraced the last leg of down move in faster time. This is indicating that intermediate wave Y has completed at the low of 110 and recent rise can be in form of intermediate wave X of complex correction pattern. Price action from medium term perspective will provide further clues for the same. 20 weeks Exponential moving average which acted as resistance in 2015 is now providing support. This is as per polarity rule of reversal. Post the sharp rise some consolidation is ongoing from last few weeks and post the same prices should move higher towards 250-260 zone where blue parallel channel is placed.

(60 mins chart is removed purposely which is shown in original research report)

As shown in 60 mins chart, the rise from 110 to 202 is impulsive in nature which completed minor wave (a) and post that minor wave (b) is ongoing. This wave (b) is intact in red downward moving channel and as of now prices are trading at the resistance of the same. We require move above 205 followed by 208 to confirm that next leg on upside has started. Unless that happens sideways to negative action can continue.

In short, 205 and 196 is the short term range for Natural Gas. Break of either of these levels will start short term trend in that direction. From medium term perspective, 170 is the crucial support.”

“The Commodity Waves Short Term Update” includes daily research on Gold, Silver, Crude and Copper and Lead, Zinc, Natural Gas on alternate weekly basis with Elliott wave counts. For Subscription Contact Us