Looks like we are in a Zig Zag correction up to complete Wave 4 and the Wave C of the Zig Zag has just started.
It looks like that from the white marked box we are seeing a 5 legged down movement, currently I have 2 counts for this situation, Black and Red, both counts are quite probable, my bias is slightly towards the red count that is I think that a leg down might still remain which is a direct conclusion of the fact that the Black Wave 2 consumed quite a bit of time. I...
As such Gold has been moving as expected in a 3 legged correction heading down, currently it is in Wave B of the A-B-C correction. I expect that this market will face resistance around the 1281.70 region and is most likely to give a reversal near that region for the Wave C down. I will update further as this market progresses.
As said in the last post the situation is still wait and watch and this is my Bullish count for Crude. Let's see which one plays out.
The situation in Crude Oil is quite complex and I believe it is a wait and watch for now. However I have both a bullish as well as a bearish count in Crude. In the above chart you can see the bullish count, in my next post I will share the bearish count.
It looks that the recent sharp leg down was the Wave C of Wave (4) and hence we can see a little more upside as Wave (5) takes it's course. In any case precaution must be taken and strict stops must be put in place as the alternate count in Black can not be neglected at this point. I will update further as this market progresses.
As per the count presented on the chart it seems highly likely that Gold is getting ready to head higher. It seems that the current corrective leg down can take support in the 1255-1245 region and then the bullish Wave 3 can start, however if the market trades below 1245 and takes 1255-1245 as resistance then it is possible then we might be in some kind of...
This bearish count seems very less likely to play out however is still a possibility and hence should be considered as an Alternate Count.
It seems that Crude is in the last stages of what I see as an Expanding Ending Diagonal. I will wait for confirmation however as this market has already fallen below the 61.8% mark of the previous up swing. I will update further as this market progresses.
It seems that Gold is currently in a 5th leg and can see 1280+ levels. From a price action perspective once this market takes support over the Red Trendline we can be assured that more upside will be seen. I will update further as this market continues.
Crude looks to have formed a reversal right at the crucial support level of 46.90, if this support level is held then this is most likely an Ending Diagonal in Wave C. If things go as expected this market will see levels above 51.95 in the upcoming sessions. I will update further as this market progresses.
After the previous article in which I discussed how Gold might be moving in a 3 legged correction, it achieved the target 1 mark and then started moving hesitantly in a sideways fashion, now it seems that the correction might have taken a complex structure and quite possibly a Triangle. Please note that this can also be some form of complex flat structure however...
In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has. Alternate count in Green. However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction. This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up. Hence...
It seems that Gold has just completed or is propagating in the Wave 4 of a larger degree up move. The strategy from a positional perspective is to Buy on Dips and very huge upside still remains. I will update further as the market progresses.
I have previously discussed some probable count for Gold and would like to add to this possibility this particular count which points that a small leg up still remains before we see the Wave 2 of 3 correction. Basically if this count plays out then we will see Gold going atleast till the most recent high 1295 and even 1300 levels before giving the all important...
Crude Oil seems to be moving in an 3 Wave corrective structure. Hence I expect it to achieve atleast T1 : 53.30 if further downside is seem then it can drop till T2 : 51.80 Even lower levels uptill 50.80 are possible but that is something we can only talk about later on. From a positional perspective this market is a buy on dips as I believe much more upside...
The current wave progression seems it is progressing as an Expanding Ending Diagonal. The wave measures of Wave 1 -3 and Wave 3-5 are also having a 1.236 relationship which just adds on to the evidence. If this pattern is correct then the market should face strong resistance at the upper channel line and see good strong selloff. I will update further as this...
Since the past few sessions NIfty has not given any clear sign of the market direction. My bias is that it should give a good correction before giving the next leg up and hence in the above count I have taken the movement from 9215 as an Expanded Flat correction. The other probability is that the Wave B is still not complete and is progressing as some kind of...