MCX Gold’s Bullish Mode Activated

free commodity gold tips daily chart

Did you read the 26 Jan 2021 article on Gold?
Article: Don’t Get Yourself Into a Bull Trap With MCX Gold

Wherein I have highlighted a strong resistance (SR) which is 49280. It has broken down on 14 Feb 2022. That indicates the MCX gold uptrend is unfolding here. If it consecutively remains above the SR, we will see the gold price above 51160 51740.

The following indicators have been indicating impending advance:
ADX, DMI, and MA

Watch significant releases or events that may affect the movement of gold, silver, and crude oil.

Tuesday, Feb 22, 2022
19:30 S&P/CS HPI Composite – 20 n.s.a. (YoY) (Dec) – Medium Impact
20:15 Manufacturing, Markit Composite, & Services PMI (Feb) – Medium Impact
20:30 CB Consumer Confidence (Feb) – High Impact

Thursday, Feb 24, 2022
03:00 API Weekly Crude Oil Stock – Medium Impact
19:00 GDP (QoQ) (Q4), and Initial Jobless Claims – High Impact
21:00 Natural Gas Storage – Low Impact
21:30 Crude Oil Inventories – High Impact
22:30 FOMC Member Mester Speaks – Medium Impact

Read more

NSE Ajmera Is Impending Declining Unimaginable

Free nse stock ajmera chart calls

Price has completed a five-wave corrective structure at 495.
The corrective waves consist of three waves wherein B is a corrective, and A & C are the impulsive waves of corrective structure.

Wave B has broken down the ending point of wave A, which suggests that wave C has started.

Measurement for Wave C:
Wave C can accomplish 61.8% of impulsive structure at 344.
Wave C can finish at 100% of wave A at 320.
Wave C can complete at the lower band of the corrective channel.

Traders can trade for the following targets: 360 – 356 – 342+

Head and shoulders pattern:
Right shoulder has broken down the neckline of the head and shoulders.
Head and shoulders also suggest a bearish atmosphere.

I have provided entry, targets & invalidation levels for premium subscribers.

Read more

Swing Traders, IGL Counter-Setup On Next Stop: At Corrective Wave Pattern

I spend much of my spare time analyzing markets as many of you know. Yes, analysis is my day job, but it is also my passion. So, whenever the weekend comes around, I spend most of my time studying price charts in front of the computer. Though was looking for the swing trade setup for F&O NSE, At a lower timeframe I found Ending-Diagonal on IGL which is a highly reliable one of 13 patterns for R.N Elliott. So I decided to explain it.

The trend identifying Monthly Line-Chart on Log-Scale

Because of line chart simplicity, we’re just looking to identify the trend purpose which is a clear visualization of the primary trend. A popular trading expression is “the trend is your friend.” Therefore, your long(buying) side trade will be referred to as the main or primary trade setup. 

The Monthly bar-chart Log-Scale for more clarity on what is going on inside up-trend and its up-down personality.

The bar-chart Log-Scale for more clarity on what is going on inside up-trend.

The support is still too far at or near the lower boundary line at the parallel price channel but Sometimes, the middle line would work as support also. This is essentially what I work with support at the bottom line or middle line. A price is near the middle line or a little below it that is why I would like to create a long trade-set-up.

Don’t ignore this outcome from the bar-chart: A trend is a downside in the range of parallel channels. 

Before getting started to apply the wave principle, let’s look up previous significant support & resistance at the Monthly Arithmetic Scale.

In a technical analysis term “Flip Range” refers to the small price range that dramatically changes its direction and touches it repeatedly. 

A Significant “Flip Range”: 345 to 364 where I am going to create a long setup for a pullback. 

The wave principle is applied on IGL at the monthly log-scale time frame.

As you can see in the price chart, I labeled using Elliott wave principles and recognized that a price is trading in the corrective mode. More importantly, the wave ((ii)) is exactly 61.8% multiple & wave ((iii)) is just beyond the 3.618 extended ratios but wave ((iv)) is deeper at 78.6% which is not a common or expected ratio on a log scale. A wave ((v)) is an extended wave. 

Let’s jump on the 2-Days time frame for clear visualization of the Ending Diagonal.

  • Therese important support for pull-back – 366-64/351 & 284.
  • A sharp correction has occurred after the Ending Diagonal is terminated.
  • The Ending Diagonal is a terminating wave pattern.

In real-time trading, I’ll create trade-setups utilizing the above supports. For instance, I’ll look for a pullback entry in the price range from 344 to 364 long side but during the trading hours, I always focus on price action to take action. 

To take action 4-hours chart at regulate scale:

NSE Apollo Hospital Is Preparing The Last Leg Of Correction

Price Action Analysis

Free nse stcok apollohos price action tips

Apollo hospital is currently forming on the downward channel.

After creating the highest high of 5993, Apollo hospital couldn’t break this level, and supply exceeded the demand.

Price has begun creating lower highs and lower lows to confirm its bearish run.

Excess:

In this channel, we have four price excess. Excess is a signal of a sharp reversal. It indicates that the price can go more in current. Either bulls or bears have to step back to maintain equilibrium.

Excess 1: 5993

Excess 2: 4643

Excess 3: 4150

Excess 4: 4722

H-Lines:

Price has created two h – lines. H-top line holds the bulk of trading activities. After breaking H-lines, it can give a sharp move. It also works as dynamic support and resistance.

No trading zone:

No trading zone indicates negligible trading activities.

Here, traders are not interested in trading decisions.

Price has created five no trading zones.

Upper band & Lower band:

The upper band is the dynamic area where supply exceeds demand. The upper band provides resistance to the price. But, If the price breaks the upper band, the price will likely continue the current trend.

The Lower band is the dynamic area where demand exceeds supply. The upper band provides support to the price. But, If the price breaks the lower band, the price will likely continue the current trend.

Perspective:

Currently, the price is on the upper band of the parallel channel.

The price has created an excess (4724) on the upper band of the channel, which indicates.

If the price sustains under the upper band of the channel, Traders can trade for the following targets: 4401-4345- 4208 and more.

 

If the price breaks the previous lower high, it can change the trend by making a new high.

Elliott Wave Projection:

Free nse stock apollohos wave tips

Apollo hospital has formed a triple zigzag, and wave (X) of complex correction has completed at 4794.

Wave (W): 4643

Wave (X): 5141

Wave (X): 4150

Wave (Y): 4794

Wave (Z): –

We are riding the sub-wave C of wave (Z) of a complex correction.

Traders can enter a short position after a pullback for the mentioned target of 4401-4345- 4208.

Only premium subscribers can get invalidation, entry, and exit points in our app.

Alternative Count

If the supply fails to break the lower low of the Wave(Y), We can follow the alternative Count.

Read more

NSE 3MINDIA Bearish Mode Activated

Free nse stock 3mindia daily chart calls

Basic Tenets:
Elliott waves are famous for finding crowd behavior trends and reverses in recognizable patterns. Elliott’s wave principle is inspired and made from the Dow theory, which is the foundation of the technical analysis.

Elliott’s wave principle consists of eight waves.
In this eight wave, price forms two types of wave structure,

1. Motive structure:
– Five Wave Pattern.
– Moves with the primary/main trend.
– Labeled in Numerical method (1,2,3,4,5).

2. Corrective structure
– Three Wave Pattern.
– Moves against the primary/main trend.
– Denoted in alphabetical method (A, B, C).

Now, let’s look at the 2-day chart of 3MINDIA.

Timeframe: 2 day
Price has accomplished the impulsive wave (3) and started forming corrective wave (4) by breaking sub-wave iv of wave 5 of wave (3).
Currently, the price is in corrective mode.

Sub-wave 5 of wave (3) has ceased, the terminating wave v of ending diagonal. Price has broken down the corrective wave iv at, 22590, which signals bearish sentiments. After breaking the main channel, the price started falling sharply.

Calculation of wave (4):
The common retracement of wave 4 is 38.2% of wave 3.
Wave 4 can never retrace more than 61.8% of wave 3.
Wave 4 occurred near sub-wave 4 of lower degree.

Timeframe chart: 4-hour

Price has broken down the sub-wave iv of the ending diagonal of wave 5.
After the pullback, if the price sustains below, 22590, it is likely to give a big move below the parallel channel.

Traders can initiate a short position for the following targets of 21010-20557.

Invalidation and entry are available for only premium subscribers.


Read more

NSE GPIL & PEL Sellers Crushed Buyers

PEL: PIRIMAL ENTERPRISE

Before:

free stock market nse pel chart calls

PEL has formed a double three corrective structure. Price had completed wave B of complex correction W-X-Y.

As the price formed in the downward channel and the Y wave was to cease, the price had bearish sentiments.

I had mentioned in clear words,” Traders can initiate short positions for the following targets: 2400 – 2376 – 2301 – 2279.”

After:

Free nse stock pel tips

8 February:

Price reached the first target of 2400 and made a low of 2996.

14 February:

Price reached the 2nd target at 2376.

Price reached the 3rd target at 2301.

Price reached the 4th target at 2279.

GPIL: Godawari Power

Before:

Free nse gpil chart tips

PEL has formed a downward corrective structure. Price was at the upper band of the parallel channel.

The upper-band indicates supply pressure where sellers exceed buyers.

The price has provided two successful rejections from the upper band.

GPIL had bearish the sentiments.

I had mentioned in clear words,” The trader can initiate a short position for the following targets: 313 – 304 – 290.”

After:

Free nse stock gpil chart tips

At the upper band, the price couldn’t break the upper band of the parallel channel.

14 February: GPIL reached the First target of 313.

15 February: GPIL reached the second target of 304.

What’s next?

Price is at the lower band of the parallel channel. And if the price breaks down the minor parallel channel, it can travel up to the control line of the downward channel.

Read more