The analysis of MCX Nickel’s daily chart shows that the move from 823.6 to 952 was a five-wave advance. As per Elliott wave principle, a five-wave advance is followed by a three-wave correction and a subsequent five-wave advance. Nickel has recently formed a three-wave correction that has retraced 50% of the five-wave advance. In terms of price pattern, the correction has taken the form of a bullish flag. The daily MACD is trading with a positive bias. Hence the short-term target is the high of 952. The key support is at 61.8% ie 872 whereas the resistance is at 919 ie 21 daily exponential moving average (DEMA).