Crude

Crude - Last nights move to a new high for Oil after the recent production cuts finally extends the move up in Oil toward the next set of retracements and probably 61.8% at 63..60. Wave C will subdivide into 5 waves and we are in wave 3 of C. C=A goes as far as 66.90 This delays the next move lower for oil till patterns are complete.

Nifty Midcap 100

The Big call that some have already made and others are wanting ahead of the elections is for the Midcap index to break past the weekly Channel or Bollinger band resistance zone.

BSE Healthcare

The Healthcare index has formed a series of A-B-C moves that appear like a triangle. The recent move up is wave (c) of B that maybe complete now. Earlier I anticipated that wave C down started but that was (b) of B. Wave C should be equal to wave A eventually. C=A is at 11630 from where we are now at near 14000.

USDINR

First I made one change to the count, the triangle pattern in FEB is taken as wave B and wave C down from there is a 5 wave decline. We are testing today the break away gap from 69.02 to 69.40 and it was almost filled in the morning. The weekly bollinger band is also at 69.06. So we have an important support here. The 50% retracement mark at 68.90 is also another benchmark in case we fall below 69. Ideally the breakaway gap zone is a very good support and we should not fall below it at 69.

Cement Stocks - Ambuja

It appears like the daily momentum of Cement stocks as a whole went into sell mode today on closing. I think I read some news a day or two ago about some slowing here. So the stocks are starting to reflect it. The sell off comes from a lower top and you should consider what if this is wave C down then cement stocks could be in for a rough ride from here.

The monthly chart of Ambuja cements here captures the idea. We closed down for the week after a long upper shadow [a high intra week top], at 237, and if we measure C=A from there we get 153.

The 2015-2017 period appears like a triangle.