ABC Correction started for the EWT on AluminiumMCX 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.
Mcxaluminium
MCX Aluminium Intraday Tips For TodayAccording 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 support. Fakeout, volume spike, tail, massive buying pressure, and S-RSI crossover is made in that area.
So, break out of the crucial support means downfall for the levels of 143.6 - 142.6 .
...but aluminium will try to climb because of 50 & 10 MA crossover. Therefore we may see prices at 146.6 - 147.4 - 148+ soon.