Did you read the NSE HINDALCO Research report?
Click here: HINDALCO Is Getting Ready For Skyrocket Prices, But…
BEFORE
EWT – MCX Zinc Is Ready For Its Final Impulse
MCX zinc has been forming the corrective structure in the descending channel for more than 28 weeks. The ending point of impulse was 383.55.
At present, MCX zinc has accomplished the corrective wave ((B)) and started forming sub-waves of the impulsive wave (C). Price has completed 78.6% retracement, where wave A = C at 217. Zinc has accomplished wave (4) of wave ((C)). Wave ((C)) retraced 61.8% of wave ((A)). Zinc is trading below 50-day EMA, and RSI is above 30.
Zinc will try to test the price hurdle of 267, so traders can sell zinc nearby 267 for the following targets: 252.6 – 246 – 244.
Target measurement using the Fibonacci relationship:
- Wave (5) of wave ((C)) can end near 161.8% reverse Fibonacci retracement.
- Wave ((C)) can occur near 100% extension at 217, where wave A = C.
- Wave ((C)) can cease to exit at the lower band of the parallel channel.
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EWT – Is EICHERMOT Forming Wave (5) Of Its WaveCycle?
EWT – NSE NIFTY Bullish Scenario
Did you check the previous wave analysis where we predicted a correction to wave 4?
Click here: NIFTY: Wave Projection Suggests A New High But…
Continue readingNSE NIFTY Weekly Overview – 31 October 2022
Will MCX Gold Prices Touch 49000?
According to the above chart, gold is playing between the green area. Currently, it’s close to the 50100 level. This level breakout will hit hard on MCX gold prices. And we can see the following target prices in the upcoming days: 49880 – 49500 – 49160
But what will happen if it remains above 50100? My answer is straightforward for you. STOP SELLING! This level can turn off the downtrend, and gold prices will start moving forward.
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