Punjab National Bank (Elliott Wave Analysis)

 PNB daily chart From the above daily chart of PNB, prices are moving in a higher highs and higher lows and it is all set to give a bullish break. Currently prices are above both the moving averages used in the above chart (20 EMA red and 50 SMA blue). This opens positive possibility for prices to move higher from current levels as there is a bullish crossover.  As per wave theory, prices have completed wave a in a corrective pattern and after that there was a sideways move which eventually ended in a symmetrical triangle pattern (a-b-c-d-e) and now it is moving up in the form of wave c. This wave c can move higher till 52-54 levels which is 61.8% of wave a to wave b (minimum). The summation is prices are positively poised and can move higher near to 52-54 levels over short term.

MCX Copper in Double Correction

 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.


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