Nifty Dollar Commodities DAX Metal stocks

Published: Wed, 08/05/20

Dear

My May Long Short Report was all about the Macro trend that was going to drive the market, and the big move in metals is part of that story. The June report titles "Bullish Think again" went on to clarify why this trend was still in force and people concerns about market action were part of a consensus trade. It also explained why in the midst of an economic winter I took a u turn on the market. My recent podcasts have discussed this as well.

So today I am sharing with you a few updates from this week on the Metals index that is breaking out, the CRB index that appears to be continuing its rally, and one of my Nifty Intraday videos published to subscribers yesterday. Lastly the DAX that with many other US indices continue to indicate a move higher in stocks.

If you have still not had a chance to look at my work just go to the all new Indiacharts website and Login first time for free. The next one month should get you on the right side.

Regards

Rohit

DAX

The German DAX index has taken support at the lower Bollinger band and bounced back to close above the green 40dema. The recent fall was a-b-c, so a good chance that at 12253 we completed wave 2 of 3 and wave 3 of 3 up can start where 3=1 goes to 16000 next. ARe we looking at a European stock market rally then? Why not.

Dollar Index

The dollar index should have complted its bounce in wave i as it came close to the prevoius wave iv high near 93.96. The next move should go back dow below the low of 92.50 in wave v of the structure as the trend down continues.

Nifty Video Update

Nifty started wave 5 up from the 61.8% retracement mark at 10874. We should continue toward 11400 first. Bank nifty 21027 did not break by 4 points. 20900 is the key support for wave 3 up to start. a-b-c in wave 2 appears complete in bank nifty

https://screencast-o-matic.com/watch/cYjfiVEWTq

BSE Metals index

The Metals index has now clearly broken out of the running triangle that was forming for 2 months. A running triangle is a triangle pattern where wave 3 does not end at the top end of the triangle or as in this case is upward slanting and looks like a wedge. This is however a fourth wave pattern. And shows higher highs and lows, but a slow down in the speed of the advance. Now as wave 5 breaks out we are seeing some momentum return. Prices should continue from the bottom end of he channel to the top end. The is a leading sector for the day.

CRB Index

The CRB index is in wave iii of 3 and if I go by this chart where 3=1 is on the box we have a long way to go. The index of commodities shows a bullish trend and now in a 3rd wave that is not complete. Rotation between components of the commodities space may occur but the overall trend of price action is higher.

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Rohit Srivastava
www.indiacharts.com
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