Elliott wave analysis:Aluminium
Trading using wave principle is much advantageous and has numbers of other benefits than other indicators that usually fall short to understand the current market activity over a larger degree trend. The wave study also determines the current trend of any instrument and gives the idea whether the trend has just initiated or being traded in intermediate stage or it has been matured. The next graph is the classic example of Aluminium in which high degree of complexity is simplified by wave principle. See the last high which was made on 23 rd Nov 2016 and I marked as the label (Y). I anticipated that the price will come down after testing the level around 122.15 and also expected the trend will permanently change and it will not come back to taste 122.15 again. I explained in the next chart why I was considering 122.15 level was the reversal point. ...