BSE Metals Index

The BSE Metals index is in corrective mode as the monthly momentum remains in sell mode. The break of the rising channel and last months low keeps us from marking a bottom. Wave Y down is in progress and below the 20 month average at 12911 we may go to 11817 or 10900 near wave 2 of 5. In the big picture I am still considering this dip as wave 2 down. So metal stocks could remain under pressure along with the rest of the market.