A classical Elliot Wave pattern trade may be forming in MCX Nickel(India). Prices have been in profit taking mode after making a swing high around 740 levels in August. Wave 4 profit taking may be complete around current levels of 655/57 and prices may be poised to move upwards to make a new Wave 5 high. The impulse trade pattern may be invalidated if prices start trading the levels marked as (1) @640/645 zone. Traders can buy @ current levels with stops placed at 640 levels to ride the coming uptrend. Chart is posted for educational purposes and is not a recommendation to buy or sell.
|MCX NICKEL MINI- UPTREND TO COMMENCE?|