NSE:CNXMETAL   Nifty Metal Index
Nifty Metal index CMP :- 3200 levels.
Harmonic pattern :- Bearish butterfly pattern formation.
PRZ zone in range :- 3200-3300 levels
1.27XA = 3313,, Equivalent AB =CD matures at 3210, 2.24 BC extension around 3180 levels.
Bearish AB = CD pattern formation matures around 3210 levels..
Elliot Wave study :- Whole structure formation is in Expanding rising wedge pattern, at the moment index is trading around the resistance line of wedge pattern.
Wave 1 : First impulse wave gave 26% move from the low point
Wave 2 :- have retraced around 0.618% of wave 1
Wave 3 have extended around 2.618% of wave 1,,in % terms,, gave 60% move from low of wave 2
Wave 4 have retraced around 0.50% of wave 3
wave 5 have extended around 2% of wave 1,, in % terms,, gave 52% up move from low of wave 4.

As per harmonic index is trading in PRZ zone,, as per elliot wave impulse phase is on verge to mature,, as per wedge chart pattern index is trading around resistance line of expanding rising wedge pattern, spinning top and doji candle formation seen in last two trading sessions on daily time frame, all indicates good reversal in trend can be seen from this levels.


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