Nifty Video Copper USDINR S&P 500 Euro

Published: Thu, 05/14/20

Markets have been consolidating for quite a while trying to figure out where to go next. In the last week a lot has started to happen in terms of domestic news flow just as the world is getting up to start going back to work and end the lockdown slowly.

So here are a few posts and my latest video update recorded today on the Market that should give you an insight into the developing trends

Rohit

NIFTY awaits Economic Stimulus

Copper

If copper does not get past $ 2.44 then till that point of time the recent move up may also end up looking like a leading diagonal. This would be wave 1 and a retracement of the entire rise in wave 2 would then remain open. You may watch the next few days of momentum indicators signal a continuation or a correction 1st to confirm this wave.

copper 110520

Euro

Euro - continues to form a triangle and if the Euro breakout is on the upside as expected then the dollar index starts to decline. A breakout of the triangle accompanied with a buy crossover in the momentum indicator would be a good confirmation of trend. Even better both on daily and weekly charts as we want to confirm a major reversal in the Euro/Dollar.

euro 120520

Crude

The hourly chart of Oil looks like wave iv is complete as discussed on the daily chart 2 days ago, with a triangle in wave iv. The breakout from the triangle should kick off wave v of 1 or A up toward 28-30$. In the brent chart below it would mean a breakout above 31.30 toward

crude 120520

USDINR

USDINR - bounced back a bit in the last few days but faced resistance at the 20dma, but also at the 66% retracement of wave c of the a-b-c decline seen below. I am marking this bounce as wave ii of c or an x wave. It could be either. a-b-c is easier. Implications are same. Another a-b-c decline in the USDINR from here i.e. 3 waves down. Should go below 75 toward 74.30.

usdinr 120520

HUL

While everyone is blaming RIL for pushing the Nifty higher how about HUL. It was responsible for the same in March. People forget this stock fell for an entire month in April and did the balancing act. So with RIL down today can HUL come back into play?. A very small advance occurred in the last few days which on the hourly chart I can mark as a 5 wave move. 61.8% retraced at 1984 wave 2 could be complete. If this level holds then HUL could join in on the index.

hul 120520

S&P 500

The US equity index achieved reaching the lower end of the channel in a day. So if this is right then slowly prices should find support here and start a reversal and recovery back to higher highs.

snp 140520

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Rohit Srivastava
www.indiacharts.com
For accurate market analysis. Technical analysis is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability set ups for traders and investors in good faith. 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, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. Readers may download the free Elliott Wave Calculator to do it themselves. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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