ITC Tata Motors NYSE Copper BSE Industrials

Published: Fri, 07/27/18

Follow:

Copper Mcx

Copper prices completed wave iii and bounced back to the 20dma resistance at 432. Staying below this wave v down should start and retest the recent low of 409 and possibly go to 392, where i=iii=v

copper 250718

BSE Industrials index

Ending Diagonals especially long term ones make for a good discussion. So I can say so much that I have some of my Elliott Wave friends that have been in the Bull camp for years seeing the trouble ahead but are still not sure How we can get an ending diagonal from 2009 lows. Esp if the Nifty is not contracting enough. I usually point to the Nifty 500 for contraction. But not there are many indices and stocks that pose clear ending structures. And while you need not agree with it, you should consider it if the underlying index has a large base and a good mix off large cap stocks. So the BSE introduced some 2 dozen crazy indices that allows you to find meaningful patterns. The BSE Industrials index here has 225 stocks and you can Look Up the entire list Here. The index not only fits the requirements of an Ending Diagonal, wave E is itself an ending diagonal. Prices have already given back gains to the lower end of the wedge and are attempting to break it. The bullish alternate is??? A running triangle. Yes if you are hell bent on it you can say that this is a running triangle and we are about to start a Melt up. But otherwise the melt-down has already begun here.

industrials

ITC Update

ITC has become one of the big movers in the index today, and is now above the 289 level I proposed. So the next is 61.8% at 314.

itc 270718

NYSE Composite

NYSE Composite - converts out of triangle formation. So the triangle I was considering is no more possible. Day before Robert Prechter sent out a note saying that he would like this to happen. Reason? - He is marking the entire post Feb move as wave 2 and wave 2 is never a triangle so he preferred the market push a little higher and convert it into a complex pattern. His wish is answered. Note the fall from the Jan top remains the a very clear 5 wave decline and therefore to call it anything else is quite difficult if you are an elliott wave analyst, till proven wrong by market. Note the complex pattern for wave 2. W-X-Y, where wave Y is now in wave C. Wave C is usually 5 waves up. The 5th wave has started and can reverse anytime from now to the upper channel line at the 61.8%, where it would do a double top near wave W's high. That high is just below a Gap down action left behind by NYSE Composite when prices fell in on 05/Feb in wave III of 1. That Gap might have become the ''Lakshman Rekha'' for the US market then.

nyse 270718

Tata Motors

Tata Motors has fallen in 5 waves and could have started a counter trend bounce of larger degree. Whether it is wave 2 of C or an X wave is not clear. The first hurdle is at the wave IV of 5 high at 315, and the next at the wave 4 high of 372. Support is at 257 and 247

tata motors

Euro

Euro final move down in wave e or wave 5 towards 1.15 started.

euro 270718

'' 30FREE ''

Use Coupon Code - Get Started

Don't WAIT for this update! GET Nifty Daily Weekly and the Monthly Long Short report and everything else directly in your mailbox

STAY AHEAD of the market turns. 3 Steps away. And WORTH many times more than what you pay.

Go here SUBSCRIBE NOW

CCAVENUE - 10$ / Rs.700 PER MONTH

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
future probable outcomes. It is our endeavor to discuss high probability outcomes for
traders and investors. However this is not a solicitation to buy or sell stocks futures or
options or any security. Trading in any financial market should be done with sound
knowledge and the help of a qualified investment adviser. Stocks based on the Elliott
wave model are based on the Fibonacci fractal of the market and momentum indicators,
targets are based on Fibonacci maths and are only indicative of what the mathematical
model throws up. This is not a recommendation to buy/sell.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~