MCX - 5-Wave Impulse Complete, Correction Ahead?The recent price action in MCX has completed a 5-wave impulsive sequence, giving us valuable insights into potential upcoming moves.
The Larger Picture (Daily Timeframe) :
Starting from the prior major low, we have witnessed a clean impulse structure unfolding.
Wave 3 topped at 7,048.60, completing its previous impulse sequence.
Following this, a textbook ABC corrective structure unfolded into Wave 4, completing near 4,408.15. The internal symmetry within this ABC correction was near perfect, with Wave C nearly matching Wave A (100% projection).
Post Wave 4, the price resumed higher into Wave 5, where we now observe signs of completion.
Wave 5 Extension and Target Zone
Wave 5 extended strongly and has already entered its projected target zone:
100% projection of Wave 1 placed near 8,330.
1.618 extension projection reached near 8,922.
Ideal Correction Zones
Now that Wave 5 may have completed or is very close to doing so, we shift focus to probable retracement areas where price may find support in case of a corrective phase:
0.382 retracement at 6,853.50
0.5 retracement at 6,386.60
0.618 retracement at 5,919.65
Dynamic Update Note
The correction zones have been plotted based on the current observed Wave 5 high. Should Wave 5 extend further, these support levels will be recalculated accordingly. Traders are advised to keep monitoring for further price action confirmation before positioning.
The overall Elliott Wave structure here reflects the market may now enter a corrective phase as per standard wave behavior after a completed 5-wave advance.
