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Nifty Metal Index – Fifth Wave Progression Within ChannelChart Structure:
The Nifty Metal Index continues to respect its rising channel, now advancing in Wave 5 after a clean contracting triangle in Wave 4. The impulse structure remains intact, with price steadily hugging the channel’s midline and now stretching toward the upper half.
Elliott Wave View
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CNX METAL INDEXHello & welcome to this analysis
The metal index in the daily time frame has formed a bearish Diamond pattern suggesting further weakness below 9180 for a probable target of 8500 that coincides with the gap up area of May 12.
The upper resistance for the pattern is currently at 9475
All the best
Short term Correction (Pattern Based ) Friends I have made some interesting pattern here
The immediate pattern that move up in price is known as Wave Theory Pattern of Momentum
The current one which is indicated in the direction of down move is called Pattern
related to correction
The Nifty metal Index is likely to see down move
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Metals can take a severe beatingNifty Metal Index CMP 9383
Elliott - when the 5th wave is bigger than the 3rd wave, expect a dramatic fall . Here the rally is over and a new set of three wave fall will begin.
Oscillators - both the oscillators are below their MA cross. This is a sign of danger
Fibs - the minimum tgt is bac
CNXMetalThis is a bearish pattern
After the Upthrust After Distribution (UTAD) in Phase D, price failed to hold support and is now accelerating downward.
Phase E of Wyckoff Distribution #2 — the markdown phase. Classic Phase E behavior — the public is selling into weakness while smart money has already
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Displays a symbol's price movements over previous years to identify recurring trends.









