5 Aug 2020 ● 12:45 PM
Zinc CFDs just broke out of a multi year downward channel, after making a bottom at the lower end of the channel [marked as Y]. The breakout confirms my earlier view that Zinc prices bottomed out and are in a new uptrend. The wave counts show that we are in wave III of 3 and should continue higher. The old books will tell you that a channel or pattern breakout can continue to the level that is based on measuring the size of the pattern itself. The arrows show this. The size of the channel projected above the channel in this case goes to near 3200 or higher, or till we complete a 5 wave advance.