MCX Nickel Southward journey

The adjacent chart shows the price movement of MCX nickel continuous contract. Structurally, nickel has taken form of a multi-month bearish running triangular pattern. Recently, it has fallen from the upper end of the pattern and has broken the lower end. The base metal is forming lower tops and lower bottoms on the daily chart.In terms of wave structure, it is forming an extension on the downside. The short-term momentum indicator is in line with the fall. The short-term target area on the downside will be Rs550-547. On the other hand, Rs574- 576 will act as a key resistance zone on closingbasis.