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USDINR has been moving sideways since last Oct . It has shown no net movement in the last whole year. The sideways move has taken the shape of an triangle and seems to have been completed . The latest upmove from the wave marked E is the first leg of the new rally. This should take the price to 84.50. A higher target is 86.30 but that will depend on the structure...

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GOLD and SILVER have been in a downtrend after a surge in Mar of this year which was a reaction to the Ukraine invasion. A lot of "GOLD is a safe haven " traders may have entered in post the invasion and have been stuck for over 6 months as the metal moved down over 21%. Of course the continuous downmove since then may have forced a lot of exits. We can now see...

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Nifty's rally from Mar '20 topped out on 18/Oct/21 at 18594 (near month futures contract) - almost a year ago. Since then we can clearly see a sideways move that has gone within the earlier range for almost a year. One can see the subdivisions tracing out a complex W-X-Y correction. The upmove from 15676 starting early Mar this year topped out last month at 18123...

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The JPYINR pair has just broken out of a downside wedge (classical charting). Wave counts indicate a complete ending diagonal (Elliotwave count) with all subwaves visible. Moves following the completion of diagonals are fast and we can expect a quick move to the 60.00 - 61.00 as an initial target subject to the recent low of 54.63 holding

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Banknifty's upmove from mid Jul (from ~ 32400) has been impulsive - either a wave 1 of a new bull market or wave C of X of an ongoing correction ( heading to 30000-32000 region) Whichever the case, the immediate direction is down if todays high of 40753 is intact. The ending diagonal is clear and should soon resolve to the downside. Expect an initial target...

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Gold seems to have finished its downmove at the recent lows around 1690 levels. The move since then has traced out in 5 waves and is clearly impulsive. The one-two , one-two series of upmoves should accelerate into a wave 3 and head towards 1760 as its first stop before heading towards 1850s. Silver is expected to follow same path. #XAUUSD #XAGUSD

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USDINR had broken out a Triangle in the middle of Sep 21 . The subsequent move has been overlapping waves but counts well as an ending diagonal. This is a terminal move and has breached the Mar 20 high ending the larger degree pattern as well. Divergence is also developing at this high v/s previous highs. The move from 72 levels seems done and a reversal is on the...

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Crudeoil has been on a tear making new highs in the last few weeks . All this may have ended in a wave 5 of 5 and a major turn seems to have begun. The downmove from the Feb 15th high is clearly a diagonal wave A ( or wave 1) , a correction in wave B ( or wave 2) has completed a few hours back. As long as the 94.95 high holds , look for an accelerated move at a...

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Copper has been correcting sideways since the May '21 high. The correction has taken the form of a triangle and the internal waves of the triangle show the expected 3 wave alternating movements. The recent low of 4.25 has a good chance of being the terminal wave e of the triangle. There is also a possibility that we are still in wave d and wave e is yet to form (...

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#TATASTEEL has completed an A-B-C correction into the 200 DMA support and has rallied off the level. The down move has also been within a contained channel and is about to break out. A good entry point will be the break of the upper channel , targets in wave 5 will range from 1570 to 1870 levels Look for a risk containment at the recent lows of 1248 In general,...

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The earlier posted cup and handle pattern on Powergrid has not materialised. The stock has moved sideways and the pattern now looks like a ending diagonal. On the long term charts the rally from Mar '20 can be counted as a completed 5 wave structure. A break below the lower trendline of the diagonal pattern can accelerate a down move to 175 levels in short...

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Apollotyre has completed a sideways FLAT A-B-C correction. Wave C took the shape of an ending Diagonal. Price has headed higher post this in minor wave 1 and corrected in Wave 2. Look for a series of higher highs in the coming days to complete wave 3 and wave 5 of 5 . Price staying a 205.7 will be key for this wave interpretation to be valid.

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Powergrid is breaking out of a cup and handle pattern. The C&H is one of the most reliable patterns during an uptrend. The stock has been trading above its 200 DMA for several months now and is in a clear uptrend. The breakout is on above average volumes and is added confirmation. Look for a good rally yesterday's low holds

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Infosys along with a few other IT stocks are headed higher. There has been consolidation in a sideway pattern for sometime now. The next upmove should have Indian IT stocks as leaders

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Gold may have completed a yearlong triangle consolidation and has broken upwards. It is now in its 2nd day outside of a downward sloping trendline. Wave e is around 1721, with this as a stop we should expect a rally to new highs. Silver is already showing strength as discussed in the earlier post. Gold may be joining the upmove now.

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Banknifty's sideways move over the lst few days can be counted as a 4th wave triangle. This mornings surge out of this formation is a confirmation. We should see 39150 in the next two to three days basis the target calculations. This mornings low is the stop level

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Copper's long rally from under 2.00 to 4.95 has been stalled and we have had a sideways move for the last few months There is very good support at the 4.05 area, but one of the Elliottwave interpretation allows for a rapid fall to the 3.50 area. What is visible is an a-b-c down move from May to late Jun in Wave A followed by a sideways triangle wave B. If this...

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Silver seems to have completed a rather long sideways correction to 21.42 levels. A labelled chart is shown. Yesterday's dip was a 5th wave downside thrust from a 4th wave triangle and found support at the earlier low in Sep '20 If yesterdays low holds, we are headed higher. The Risk to Reward on this trade is worth a bet on. Look for new multi year highs if...