MCX Aluminium has started falling due to Elliott Wave's ABC correction. Expected A is at 100% or 161% retracement of wave 5. Therefore, it can start rising from here to the level of 164.4 . The day traders can have the advantage of this impulsive ride of B . According to ABC correction, we may see the Aluminium prices below 161.6 - 159.4 before the weekend.
According to this chart, aluminium is moving flat under the rectangle pattern. The top of this rectangle is the resistance , and the bottom of this rectangle is the support . The trend is making frequent parallel channels between the support and resistance of this rectangle. At present, aluminium is playing into support trendline (B) . There is a crucial...
This information is sufficient for day traders. Further information will update soon.