Elliot Wave Analysis: Zinc Reversal Happened
Sina Soleymani | Jun 27, 2017 03:41PM ET
As prices reached to Finish-line of a long Flat correction pattern, LME Storages hit new lows since 2007 and facing shortage era for Zinc. 300000 tones of stored zinc remaining and this report from LME zinc storage rings the alarm of rising in prices for investors.
After finishing the pattern , Zinc prices rose over 12% trading at $2753, but it seems the market needs some rest to continue bullish trend. There is a major resistance level at $2760 which can lead the prices to $2660 as first major support to complete a correction subwave, but if the prices pass through $2760 resistance, whether completing a correction or passing through directly, next target may be previous top at $2894 where can be a strong and important resistance price cluster.
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