Mentha oil can try to collapse up to the support line before hitting the following targets: 986 – 1000 – 1020
Attention: don’t buy below the support trendline.
This MCX Mentha oil research is based on the Feb 24 article.
Click the below link to read it: MCX Mentha Oil Overall Outlook Is ‘Strongly Bullish’
How to find the next wave after the development of extended waves?
Two terms are important to understand for this Sample.
The formula that we will use to find the 5th wave:
Difference of, 5th Wave = 3rd wave Extended – 1st Wave
(add this difference of 5th wave to the 4rth wave)
&
Difference of, 5th Wave = 3rd wave – 1st Wave Extended
(add this difference of 5th wave to the 4rth wave)
Formula when 5th Wave is extended:
Difference of 5th Wave = D. 1st Wave + D. 3rd Wave
(add this difference of 5th wave to the 4rth wave)
Let’s first check the chart of Maruti on a daily timeframe (March 2020-21):
Daily (Fig. 1.1 The price finding starting point of the IV wave)
At a minimum, waves V should carry prices above the 8991 rebound high in five distinct waves. The wave IV is subdividing, support labeling below 6923(.382 retracement of wave iii) is around 6639(Y=W) and then 6483(0.5 retracement of wave iii). Let’s use the formula for determining target,
The formula that we will use to find the 5th wave:
Difference of, 5th Wave = 3rd wave Extended – 1st Wave
(add this difference of 5th wave to the 4rth wave)
Wave V= Wave III(D.1602) Extended – Wave I(D.3670
= D.2068
Adding D.Wave V into Wave IV,
= D. Wave V (2068) + Wave IV (still not confirmed)
Therefore, we have to wait for confirmation of wave IV.
Let’s take a look at 4-hour TF cautiously for creating a sell setup:
4hrs (Fig. 1.3 selling setup with low risk and high reward of the IV wave)
I wouldn’t rule out the possibility that the”corrective zigzag wave Y lower side is in place. Therefore, the sell setup can be initial. The price can test 6600-6650 but, I need to reassess if the price can move 7218 above.
Sell Setup can be following:
The wave counting on historical data.
4hrs (Fig. 1.4 selling setup with low risk and high reward of the IV wave)
There’s nothing new to add here. The chart is easy to understand for paid Subscribers.
The weekly chart from 2008-2021 (Fig. 1.4 The price is traveling for Wave Rounded Wave5)
The pullback from April 2020 counting as the wave is completed. The price(T-11793) is expected to complete the wave in the near term with an all-time high.
The formula that we will use to find the 5th wave:
Difference of, 5th Wave = 3rd wave Extended – 1st Wave
(add this difference of 5th wave to the 4rth wave)
Let’s apply it to Maruti;
Wave = D. R. Wave 3 (D.9096) Extended – R. Wave 1 – (D.1304
= 7792
Adding D. R. Wave 5 into R. Wave 4,
= D. R. Wave 3(7792) + R. Wave 4 (4001)
R. Wave 5= 11793
Note: for the buying in Maruti, you will get a New PDF Report with exact entry level shortly.
According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 – 172 – 168 – 162 soon.
At present, if we see for intraday traders, then it’s upward. Aluminium will touch 184 – 186 levels, and then ABC correction will start.
Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 – 66600 – 67000 – 68000.
Overall, a clear trend will identify after moving averages crossover.
How many of you bought gold?
Article: MCX Gold & Gold Spot Price Ready For Another Rally Attempt (1 Day Ago)
I have written in clear words, “MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300. Targets: 45560 – 45680“.
Gold has made a high of 45680 today at 5:24 PM and touched all targets.
Approx. profit: Rs.38,000 per lot
Gold futures preparing to come at $1740 – $1750 – $1760. Day traders must wait for a breakout of the control price line before entering.
The uptrend will end whenever the gold spot price breaks strong support.
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box (rectangular formation), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300.
Targets: 45560 – 45680
If gold breaks the bottom of the rectangle, don’t buy. And wait for my next update on the gold.
MCX Natural gas has made head and shoulders patterns on the weekly timeframe. And the two shoulders are overlapping. Sell confirmation is line breakout.
Recently, it has broken 200 moving average. If it shows closing price below the neckline and 200 MA consecutively, NG will fall nonstop.
X and Y are the formation’s size. Here is the value of x 100 and y 74. So, according to H&S formation, it can collapse up to 112 – 86.
Hurdle: 196
Short-term targets: 170 – 168
Long-term targets: 146 – 136
Here are H&S, RSI, MA, and DMI throwing sell signals.