Over the week, price has reached our forecast target at 1.6-1.7 and immediately reacted there as it dipped in what looks like a correction.
The alternate medium-term triangle projection did not hold and we can still stay with our original forecast of a {WXY} double zigzag correction of the bearish move that ended at 1.045 in March.
After price broke out of the triangle as shown by the chart above, we should expect price to move in a zigzag/double zigzag/triple zigzag pattern or perhaps a 5-wave impulse.
At this moment, the double zigzag seems to be the most probable. Price broke out of the triangle to complete the first zigzag (a,b,c in red) retraced another zigzag in blue and is now expected to complete the double zigzag by advancing upward in another zigzag which should break above 1.17.
The 15minutes chart above shows the X leg of the expected double zigzag clearly. This move itself is a zigzag pattern.
If price from this level, breaks above 1.1436, we should be expecting a new high provided price stays above 1.12.
The given chart shows the status of the market which is helpful in getting overview of the market which is very necessary in trading. MCX tips work as a good support in trading for commodity segment.
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