Lead Mcx

No change in wave count, B up stretched a big more but wave C down should have started as we closed below the 20dma, and momentum crossed to sell mode.

Zinc Mcx

Zinc prices simply made a lower low on Friday. Lower top and bottom formation continues, a classic dow theory trend down.

Gold Mcx

Gold has been rising on MCX since 2017 in a rising channel, the channel got steeper and was redrawn from 2018. The top end of the channel is at 35000 as the next resistance. The all time high of Gold Mcx is at 35074. 

In terms of wave counts it gets awkward. A series of impulse waves exist but after the early 2018 rally everything was corrective. And the4 recent fall in 2019 was 5 waves down. The only explanation can be that of a running flat, a rare but true event here. A running flat is A-B-C correction marked as 3-3-5 waves but instead of a declining correction in wave 2 it is rising in formation, thus it is called running. It is rare and therefore the last alternate when nothing else makes sense. We are now in some degree of 3rd waves up. 

One of the reasons never to be bearish gold mcx is this, if gold comex decines it means dollar is rising=USDINR rising that supports gold prices from a currency perspective. So it limits the downside. 

Nickel Mcx

Nickel starts wave v of a 5 wave decline as wave iv ended at the upper Bollinger band. Using the wave count calculator we get a lot of numbers. since iii and i are almost equal it is possible that wave v extends. So while iii=i is near 790. 740-731 are also Fibonacci levels on the lower side. 662 appears extreme at the moment and would mean a free fall.

At this stage we are in wave A of an A-B-C move and wave A will end in 5 waves followed by wave B.

Aluminium Mcx

If aluminium does not close above 143.50 the 20dma then it could decline into a larger fall without much of a bounce. In short a free fall occurs when daily averages are not crossed despite positive divergences. 141 is the lower Bollinger band and 137 the Jan swing low.

Copper Mcx

I was expecting Copper to go back to the 40dema near 418, however it did not. A move below 404 could mean that prices want to decline without that bounce back. But till 399.50 breaks we cannot really rule out a bounce higher before we go lower. So that is a wait and watch.