💎 Cup & Handle Breakout in MCX – Momentum Building for Next Rally!

Elliott Wave Perspective MCX appears to be in the early stages of Wave 3, following a textbook Cup & Handle breakout from the ₹9,100 neckline. The Cup formation between ₹4,400 and ₹9,100 completed over 10 months, indicating a long accumulation phase. The current up-move toward ₹10,700 aligns with a 1.0 Fibonacci extension, suggesting potential continuation toward ₹11,500+ as Wave 3 progresses. MACD & Momentum Confirmation The daily MACD has turned positive again after a brief consolidation, confirming renewed bullish momentum. There is no visible bearish divergence, indicating healthy trend continuation supported by strong buying volume. AVWAP Support Zone The Anchored VWAP from December 2023 bottom lies near ₹7,100 — a crucial long-term demand area that has been tested and respected twice. This level now serves as the major institutional accumulation zone, offering a strong foundation for the next leg higher. Fundamental Strength Monopoly business model in the commodities exchange space with negligible competition Strong revenue visibility from transaction fees & technology upgrades ROCE above 25% and debt-free balance sheet reflect operational excellence Benefiting from rising commodity participation & digital trading ecosystem Outlook MCX is demonstrating technical and fundamental alignment — a breakout above ₹9,100 has unlocked a measured move toward ₹10,700–₹11,500. Any pullback toward ₹9,000–₹9,200 may be viewed as a buy-on-dip opportunity, with long-term trend support intact above ₹7,100.