Base Metals And Gold move on the Mcx

Published: Mon, 10/15/18

Follow:

Metal prices have been all over the place recently but the highs made in continue to look hard to surpass. Among the trends seen recently however has been that when base metals had a field day the precious metals were out of favor and recently as the base metals are facing resistance at higher levels the precious metals are seeing some life. Here are a series of updates from Indiacharts on MCX metals Elliott Wave analysis.

Lead Mcx

Lead has a triangle pattern with the upper end at 150.50 and lower end at 143.30, and unless the upper end is broken the wave counts are wave iv suggesting more downside risk than upside risk. The recent price action in metals has not changed this yet.

lead 250918

Aluminium Mcx

The trendline of the highs is at 150.50 and unless we get past that there is no change in the marking of this move up as an x wave or a counter trend move with the larger trend still down.

aluminium 250918

Gold Mcx Daily

Gold Mcx prices achieved III=I however the third wave is not complete and extending so we have to project new levels. Breaking the EW fractal for wave iii, iii=i inside it is at 32120, presuming a 38.2% retracement for wave iv and then wave v=i we go to 32890, for wave III of 3 overall.

gd121018

Zinc Mcx

Zinc managed to retrace almost 61.8% of the previous fall at 207. Staying below 207 this recent high could be wave B of a larger A-B-C decline. What that means is that wave C would be a 5 wave decline to C=A near 148. However given that we are also looking at a head and shoulders top formation the pattern implications are that if the yellow neckline at 166 breaks then the head measures down to 120.

zinc 151018

Nickel Mcx

Nickel is forming a triangle inside two trendlines so I have marked it as a b wave. The lines are at 966 and 911. Below 911 we start the next leg down and major support is at 830 near the March'18 low.

nickel 151018

'' 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

Rs.700 PER MONTH

CCAvenue - PayPal

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~