FX_IDC:USDINR seems to be forming Truncated 5th Wave.
Lot of selling pressure at 83 with RSI negative divergence suggesting momentum Fading.
Unless 83 is Taken out on closing basis. It could turn out to be Wave 5 Truncation as per Elliottwave Theory.
BSE:METAL has broken out of 12 years of consolidation.
Advancing higher in wave 3. The Larger wave 3 and 5 can take Index and Metal stocks Many fold.
Metals can be multibaggers. There is lot of opportunities for growth in this sector.
For Education purpose only.
Looks like the Sellers are assuming higher and higher positions only to crash the Gold Market down. This idea can further be layered with the intersection of Price with the median of the Pitchfork drawn with the major edges of the Market. The upward line of Blue modified pitchfork can suggest the next possible short entry.
The S&P is in its 5th wave from the high of 4327, nearing the confluence target area of 4085-4075.
Ideally wait till the entire 5th wave is complete (all the subwaves) and wait for a reversal to take a low risk entry.
Targets can be the mid 4200s.
New idea will be updated there
This whole rise has from 3693 low (yes, not the actual low at 3639. Refer: wave 5 truncation) has been a 3 wave move so far.
Wave 1/A has been a clear 5 wave followed by an extended 3/C wave with the iii of 3 extension.
The 3/C wave ended with wave 5 as an ending diagonal.
Now, the fall from the absolute high of 4327 has been impulsive so far with a series of...
This is one of the rare case where a 3 wave move up has a C wave extension greater than the regular 1.382/1.618.
In super-extended moves, we have seen C Waves extend to 2.0 and even 2.618 of wave A.
What determines the future move is the speed of reversal post completion of Wave C/3.
Another supporting evidence for it being a wave C and not wave 3 is that the...