RUDRA007

NIFTY METAL INDEX time and price analysis.

NSE:CNXMETAL   NIFTY METAL
Nifty metal Index now at 5770
Time Cycle 1 , Based on Fibonacci extension ,,
Price wise the extension of 1.618% of last down swing have now extended to maturity levels,, ended this week,,
Price wise the extension of 1.618% of last down swing is around 5971 levels,, still 2 to 3% move is pending..
So price and time squaring around the same point in trend,, when ever such scenario happens ,, trend change can be seen.
Time cycle 2 :- weekly time cycle of 188 bars
Calculating from last 2 swing peaks,, index is making peaks after interval of 188 trading weekly bars,,
Now this time 188 trading weekly bars mature in second week of august month,, which indicate a peak for this up trend if we go as per past history..

Bearish divergence,,
Price is making higher high, where as RSI and MACD Indicators are not able to make fresh high and are infact making lower high,, giving bearish divergence,,
RSI have given breakdown from rising channel formation and is continuously trading below the breakdown levels,,
MACD have also given bearish cross over from the peak and still is not able to regain it positive stance with the recent upmove,,

Elliot wave :-
Index is in impulse wave 5 of impulse phase,, which is considered as euphoric wave,, so if corrective phase ufolds going further ,, than good retracement of the current upmove can be seen

it's time to be cautious in metal sector,,,

Trend change possible soon...
Trade active: metal index made high around 5950 levels and reversed to levels of 5200 leves 11-12% fall done,,,
now need to break below 4950 levels for further fall