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Showing posts from July, 2015

MCX Copper in Double Correction

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 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

USDINR: Neo Wave Diametric Pattern

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From May 2014 USDINR formed a diametric pattern which took seven months to complete. Diametric patterns are of two types Contracting and Expanding. In a diametric pattern there are seven legs (a-b-c-d-e-f-g) which are all corrective in nature. The first diametric in USDINR was expanding diametric, in a layman term, it is been termed as diamond pattern. The probability is much higher that the pair is forming another expanding diametric pattern which commenced from February 2015. Forecasting: The pair is moving in a double correction of diametric pattern, which can be labeled as (a-b-c-d-e-f-g-x-a-b-c-d-e-f-g). The first diametric shown in the chart (box) completed the last leg wave g at 62.20 levels followed by wave x which has three legs within (a-b-c). After completing wave x, the pair resumed its uptrend and plausibly started forming another diametric pattern. As per the wave counts it completed wave d in a three wave structure which is also the longest wave in the diametr