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US SILVER - XAGUSD - LONG TERM IMPULSE - MULTIBAGGER - EWHi Folks, I am tracking silver linked ETF's for long term investment and did a long term and mid term analysis for the same. Analysis is on weekly timeframe, so mind you this will take a lot of time to play out. Also, ill cover a basic know how to interpret wave structure. Following is the inference- Elliott Wave Analysis Larger wave structure will follow 2 characteristics, Impulse (motive) and Corrective (Profit booking/ time correction/ price correction/ low liquidity). Characteristics of anImpulse - 1. It will have cleaner move, with less overlaps. 2. Internally, 5 wave structure can be observed clearly. 3. Major participation of traders/investors with positive sentiments. 4. Positive news augmenting the euphoria in later stages too. Characteristics of Corrective waves - 1. It will have overlaps in structure. In price correction, price can correct significantly, basis on timeframe the % correction will take place. In time correction, behaviour will be sideways and % correction in price will be comparatively less. Time correction will be range bound and will generate lots of accumulation and liquidity in anticipation of breakdown/breakout. 2. Internally, abc wave structure can be seen. 3. Negative news might augment further correction(price/time). XAGUSD - Analysis 1. Larger Red wave is an ongoing impulse on long term basis. We have completed 1 and 2 wherein 2 retraced to approx 61.8% of 1 which signifies healthy price correction. 2. Larger 3 is ongoing, which is strongest of all impulsive waves. 3. Within 3 we 1 and 2 seems to be completed. 1 was having an overlapping impulse known as Leading diagonal which shows very bullish sentiments. 2 wave made shallow price correction as it is more of a time correction. 4. Breakout of falling channel of 2 wave shows start of 3 wave, structure looks more cleaner and it shows more upmove yet to come. 5. All confirmations are basis on channel structure and fib retracements. 6. Targets of smaller 3 and larger 3 are marked on the chart with fib projections. See you there in few years :) Happy Trading! Cheers! Not a trade reco, please do your own due diligence.
FXOPEN:XAGUSDLong
by KunalSaxena10
5
Gold’s Fall Halt at 2305-The Choppy Trap-Bullish Bias Gold’s Fall Take A Halt Close To 2305-The Choppy Trap-A Weekly Bullish Bias Gold Price Tracking US Treasury Bond Yields This week, gold prices have closely tracked the movements in US Treasury bond yields. The previous decline in gold prices has paused in 2285-2305 support zone amid a modest weakness in US Treasury bond yields. 18th June 2024 - Running upside for 2358 Target Equity Markets and Indian Elections Global equity markets have extended their rally, gaining momentum particularly from the results of the Indian general election. The election unfolded in favor of the existing government NDA, leading to Prime Minister Narendra Modi securing a third term as declared a clear winner in the General election 2024 which went for more than a month. This political stability has propelled the Indian market index, Nifty, which saw a significant rise from the lows of 21,281 on June 4, 2024, closing the session at 23,562 on June 18, 2024 but saw a knee jerk reaction as it failed to surpass its 400 seat remark made by the existing party fellows. Going forward, A pause and potential correction below the 23,350-23,400 range for Nifty could support a short-term rally in gold prices. Technical Analysis of Gold Yellow Metal has been doing sideways since its all time of 2453.7 USD as of 20th May 2024. Support Zones Technically, gold has a strong support zone between 2,285 and 2,300, which has been acting as a bounce pad for the yellow metal. Harmonic Bullish Pattern An unfolding harmonic bullish Gartley pattern, has been observed close from the support zone of 2285-2305 zone. Gold prices have reached a few upside targets for the harmonic pattern, encountering resistance at the 200 EMA (Exponential Moving Average) based on a 2-hour calculation at 2,345. This level is crucial for further movements. Wave Analysis Yellow metal could be doing a choppy sideways correction & could unfold as a triangular correction yet to be confirmed & needs further price inputs. since its sideways move from 2448.8 as of 12th April 2024. Trading Strategies Plan A Trigger: Faces resistance in the 2,395-2,405 USD zone Target: Potential drop to the 2,345-2,355 USD zone for a short-term correction Getting resistance in 2395-2405 - Harmonic Bat Pattern will become active for targets suggested in Plan A Plan B Long-Term View: Trigger: Crosses above 2,405 USD, a critical level Target: Push towards the all-time high (ATH) of 2,450 USD Conclusion Gold's price movements are intricately linked with US Treasury bond yields and global market dynamics, including political developments. Investors should watch the key technical levels for India Nifty, getting a pause for equity indices could boost the upside potential of yellow metal in next few sessions and should employ appropriate trading strategies as discussed to capitalize on potential market movements. The trading strategies suggested above offer a structured approach to navigating gold's price action in the current market environment.
COMEX:GC1!Long
by WaveTalks
3
ASHAPURA MINECHEM - NEW IMPULSE - BULLISHHi Folks, Stock has seen a major breakout on weekly charts from falling wedge pattern. RSI has broken out to confirm the upmove. Closing above 30 WEMA also provide more indications at the change of trend for coming months. Elliott Wave Analysis 1. Completed an ongoing impulse with a divergent 3-5 wave. 2. Correction of the impulse seems to be completed wherein RSI cooled off. 3. Outbreak in RSI, price and volume support indicates towards shift of trend. 4. Halt weekly candle or a follow up move shall confirm the upmove for mid term. 5. Larger structure remains bullish. 6. Targets of larger 5 wave are already marked with fic projections. Disclaimer - Please trade at your own risk, just for educational purposes.
NSE:ASHAPURMINLong
by KunalSaxena10
UPL LTD - BULLISH BREAKOUT - STRONG UPMOVE POSSIBLE - LONG TERMHi Folks, I have been studying this sector(agro chemical) for a while. This sector can outplay operational deleverage since sitting on capex since few years. Recently, they did a rights to lessen their debt to save interest on borrowings. UPL is also a market leader in agro chemicals sector with presence across the globe with an array of topline products. Quarterly results are improving indicating they might be going towards the capacity utilisation they built on capex. Still early days but technically risk-reward is highly favourable. Elliott Wave Analysis 1. Larger 5 wave is playing out on weekly time frame. 2. 2 of 5 seems to be getting over after decent retracement. Good time and price correction happened. 3. A strong weekly candle above 30 WEMA is visible, more follow ups needed with huge daily candles to signify 3 wave up. 4.Low of 2 can act as an invalidation point for this whole structure. 5. Volumes and delivery are very high near the recent bottom indicating smart money interested in accumulation here. Happy Trading! Cheers!! Not a trading recommendation, please do your own due diligence.
NSE:UPLLong
by KunalSaxena10
Bank Nifty Weekly Wave Analysis & Positional Trade SetupReason for shorting: As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal). It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786. Time Frame: Weekly Stop Loss: Above ATH (51130) Targets: Mentioned in the chart Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYShort
by WaveMoku
16
BHEL: High Return Idea upto 52%BHEL is moving higher in impulse trend. The Trend for BHEL is positive and the best of the trend is behind us. Prices are currently moving in the form of wave 4 retracement. Time cycle are the crucial areas of reversal and for Bhel it is due on 25th march. So the up move has still more room to cover and we can expect the stock to reach towards the level of 300/320+ in the form of wave 5 by next 4/5 months. Over short term dips can be used as accumulating opportunity with 200 as immediate support with a stop below 170 on weekly closing basis.
NSE:BHELLong
by Chinmayonniftyy
11