This is a quick heads up on zinc . I am very suspicious of a very large bearish head and shoulders pattern that has formed on the daily and weekly zinc chart - something I was talking about a couple of months back as a potential concern if we reversed strongly from around the 4000 mark on this run up - ie. that a significant top in zinc is already in place. Right at this moment the technicals are at a very significant decision making moment. From an Elliott Wave perspective we either have a major top in place already, or we have just one more new high to go before a major correction takes place. I'm hoping the latter but to keep things simple , the following are significant numbers to be on alert to :
3620 - a break below this puts the bullish argument into question
3050 - a break below this means we potentially head to 2500.
4120 - a break above this and we get a bullish continuation pattern which will potentially take zinc into new highs.
Watch these exact numbers guys . No one knows for sure, but these numbers are extremely important to keep tabs on in my view.
cheers ECN.
AIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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