Gold may have completed a yearlong triangle consolidation and has broken upwards. It is now in its 2nd day outside of a downward sloping trendline. Wave e is around 1721, with this as a stop we should expect a rally to new highs. Silver is already showing strength as discussed in the earlier post. Gold may be joining the upmove now.
Banknifty's sideways move over the lst few days can be counted as a 4th wave triangle. This mornings surge out of this formation is a confirmation. We should see 39150 in the next two to three days basis the target calculations. This mornings low is the stop level
Copper's long rally from under 2.00 to 4.95 has been stalled and we have had a sideways move for the last few months
There is very good support at the 4.05 area, but one of the Elliottwave interpretation allows for a rapid fall to the 3.50 area.
What is visible is an a-b-c down move from May to late Jun in Wave A followed by a sideways triangle wave B. If this...
Silver seems to have completed a rather long sideways correction to 21.42 levels. A labelled chart is shown. Yesterday's dip was a 5th wave downside thrust from a 4th wave triangle and found support at the earlier low in Sep '20
If yesterdays low holds, we are headed higher. The Risk to Reward on this trade is worth a bet on. Look for new multi year highs if...
Banknifty is now showing all signs of a longterm completed 5 waves from Mar 20 to Sep 21. The ending diagonal as wave 5 of 5 adds credibility to the structure.
What this means is that if the 38224 high is not broken we are heading to 30000 area in an A-B-C correction. One more slight maybe possible, if it does , we'll relook for a new short entry.
The chart shows an interpretation of the year and half long sideways move in SILVER. This has all the characteristics of a triangle that is headed for an upside break.
Wave E may be slightly short, so may have some more lower go, but that is not necessary. In any case a break of the upper trendline B-D should indicate a powerful upmove will begin.
MCX Copper has just traced out a pattern that can be interpreted as a A-B-C Zigzag from recent highs. All 5 subwaves of the final C wave seem to be in place. This now means the uptrend should be back in force to new highs. Hold longs with Stop at recent lows.
A detailed Elliottwave correction is labelled. A large wave 3 impulse was followed by an expanded flat Wave 4.
We may have just completed a wave v or 5 of c of C of 4- which has taken the shape of an Ending diagonal. This has also ended at the previous Wave 4 which is typical such corrections. This seems to have ended wave 4 - a large ABC expanded flat.
As the chart shows, Banknifty is breaking upward in a rally as it is moving out of its downward Wedge - The Wedge is a Diagonal Triangle in Elliotwave parlance. When a correction start with a diagonal triangle, it cannot be a full correction - it is only par of it . We are now in a B wave rally of a larger A-B-C correction. One can expect a surge into the...
Apollo Hospitals seems to have completed a W-X- Y correction, there are other ways to label the correction but that leads to the same conclusion - indicating a resumption of the uptrend. Look to enter on strength above 3040 levels expecting new highs
Wipro seems to have completed a W-X-Y correction at its recent lows. Note that X wave is a triangle which is clearly evident. The subsequent upmove can be charted out as an 1-2 with waves 3-4-5 still awaited
A lot of the India IT stocks are headed up - see recent posts on Mindtree/TCS