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Showing posts from November, 2015

WTI Crude to test $53 levels (Elliott Wave Analysis)

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In my previous update " WTI Crude to surge going ahead", I had mentioned that " Expect prices to move down for short term at $44 per barrel  followed by resumption of an uptrend which can push prices higher near till $53 per barrel".
WTI made a high of $48 before sinking to $40 on 13th November 2015. It tumbled to more than 8% on weekly basis. However, the bias continues to be positive as prices are moving in a sideways direction after surging from the bottom of $37 per barrel.
As per wave theory, from the bottom of $37.75 till $49.32 the wave structure was an  impulse. At $49.32 wave a was completed followed by wave b which completed five waves in a triangle pattern and then wave c again in an impulse pattern. The following wave is wave x or wave b (if I mark the prior three waves as wave a on a higher degree)  as it is coming down in a three wave structure. It has also retraced near to 80% of the previous rise indicating flat structure.
In short, the downside se…

Gold: Anticipated happened and Elliott wave forecasting

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In my previous update " Gold in a complex correction pattern", I had mentioned that, A decisive move below $1155 will open the possibility of $1076 on the downside with the resistance of $1230.

Gold after breaching the level of  $1155 plunged and made a low of $1074 on 12th November 2015. The downfall was steep after hawkish comments by FED chair person Janet Yellen who gave a hint for a possible rate hike in mid December 2015, thus making Dollar strong and Gold weak.

Gold is moving precisely in a falling channel, after facing the resistance of $1191, prices reversed and moved below its previous low of $1076, marking a low of $1074. The downfall was impulsive in nature as expected. As it is moving in wave Y where it is currently forming double correction (a-b-c-x-a-b-c). This double correction can be then converted into triple correction (a-b-c-x-a-b-c-x-a-b-c) or can terminate at $1074 levels. As of now one leg on upside is expected for gold now.
In short Gold can bounce near…

Nifty to sink after the confirmation

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On 30th October 2015 Nifty broke the level of 8100 on closing basis which opens negative possibilities. In the previous update "Nifty on the brink to reverse", the level of 8200 followed by 8100 was crucial to give a confirmation on downside. As the index has reversed, the possibility for the prices to sink further is likely.
As per wave theory, after completing expanding triangle pattern, prices moved sharply lower which is termed as the 'thrust' post triangle pattern, The downside is corrective in nature which can be plotted as a-b-c-x-a-b-c. This entire double correction can be one bigger correction as well. The larger formation will only be obtained as time passes by.
In short, Nifty to move lower near till 7500 levels as the important supports are taken out. The downside target will only negate if prices move above 8300 levels.
Nifty 60 mins chart
Disclaimer: Please do not circulate this report to Clients and others. The motive for this short term update was to …