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LME Copper in wave B

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 LME Copper Weekly Chart Prices are moving in corrective formation which can eventually be a complex correction or a pattern , which can be identified as an when it unfolds. However, it seems that prices are currently moving in wave B of a corrective pattern. This wave B can move up to 80% of wave A (10950-8695). Post wave B termination, it will fall back in the form of wave C. The bias as of now is positive for LME Copper as it can move towards 10500 levels which is 80% of wave A (minimum). CMP 9761

Nifty Bow and Tie Diametric formation

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 Nifty Daily Chart Nifty is moving in a bow and tie diametric formation in a correcting manner and it seems that Diametric is still under formation and wave f is still under motion which can push prices higher towards 22890 -23050 price zone. After completing this wave f, wave g in the opposite direction will start and will break below its previous swing low of 21997 and will make a new low. The bias is sell on rallies for Nifty near to 23000 levels and can expect the index to forma bottom near to 21500 levels or near to it.

Natural Gas wave 5 to terminate soon?

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 Natural Gas Daily Chart Prices are moving in a higher highs and higher lows and has started exhibiting negative divergence in many oscillators which is a sign of caution. Prices still have not shown any signs of reversal either in daily and nor in weekly chars. The energy price has five waves clearly visible in the above chart, which is a sign of exhaustion. Also as er projection it has clearly achieved 38.2% retracement from wave 0 to 3 added to 4. This is an indication that wave 5 is here to end or it can extend towards 61.8% (5.00) levels. The bias is negative once the prices breaks the level of 4.00 which probably will terminate wave 5 on the higher side and correction on the lower side will start which will slide prices till 3.30 levels.

WTI Crude Oil and complex Correction

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 WTI Crude Oil Weekly Chart WTI Crude Oil is moving in complex correction (W-X-Y) where prices are moving in wave Y at present. In wave Y, prices completed wave a and wave b and currently has started wave c on the lower side which can tumble till 62.000 levels 38.2% retracement of wave W added to wave X.  The bias is negative for the WTI Crude Oil as it can slump till 62.00 levels over short to medium term with stoploss placed at 75.78 levels. CMP 70.11

LME Zinc and Elliott Wave Counts

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 LME Zinc weekly chart As seen in the above chart, prices are moving in a higher highs and higher lows and precisely moving in a rising channel thereby indicating that the trend is positive. Prices recently has bounced from the support of the channel and has also given a bullish break in the recent falling price which now opens positive possibilities. Prices can move higher from here can test the previous swing high of 3300 levels which will terminate wave C ion the higher side.  The bias is positive for medium term perspective for LME Zinc prices as it can test 3300 levels with stoploss at 2731 levels.

GBPUSD Wave C to unfold

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 GBPUSD daily chart As seen in the above chart, prices are moving in a broad range of 1.3150-1.2100 levels. As we can see, the pair has recently bounced from the confluence zone or 138.2% of wave a to wave b where wave c of wave B has ended which is near to 1.2100 levels. Also there was a previous swing support as seen in the above chart. Prices have taken more time to form wave B and it is now unfolding wave C which can go above its previous swing high placed at 1.3450 levels. This up move will be longer and in every dip one can buy for the level of 1.3450 levels. The bias is positive for GBPUSD as it can move higher towards 1.3450 levels with stoploss of 1.2250 levels. CMP 1.2630

EURUSD- Wave C to start

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 EURUSD Weekly chart As seen in the above chart, prices are moving in a broad range of 1.02 on the lower side and 1.13 on the higher side. Not so long ago, the pair found support from 61.8% retracement from the previous rise (0.9545-0.1240) levels. From there, the pair is making every attempt to move higher, at the bottom near to 1.02 it made a morning star pattern (bullish candle stick pattern) which possibly indicates that a reversal is in place especially after the fall from 1.1231 to 1.01766 levels. From Waves perspective, prices have completed wave B on the lower side where the subdivisions were very much evident. Wave B was in a flat pattern (a-b-c) and wave c of wave B was in five waves thereby indicating that the bottom is in place at 0.01766 levels. Prices have already unfolded wave C on the higher side which can reach in the range of 1.12-1.14 levels over medium term. In-between any dips can be utilized as a buying opportunity with stoploss at 0.1760 levels. The bias is p...