Aluminium MCX prices achieved 5=1 on this chart and closed down. Is wave 5 over? It maybe work considering if this 5 wave move can be retraced given that the trendline of the highs since 2010 at 141 and the rising channel at 143 are close. Consider yesterdays high at 141.40 as important till clearly taken out.
Palladium prices stopped at the trendline of the highs from 2010 and this could mark an important resistance or top. Without putting a number on the downside implications the trend may turn down from here .
The short term decline in copper is looking like 5 waves down, meaning that it is only wave a of a correction. This raises the odds that the 5 wave advance from 2016 is complete and a more meaningful pullback near term can unfold. 2.875 is the first key support. 3.03 is resistance
Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic and international clients. Views expressed in this article are purely of the author – Mr Rohit Srivastava – a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd