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BSE Metals index

25 Sep 2020 ‚óŹ 06:15 AM

The metal index touched the 38.2% retracement level that I wrote about a few days ago. This level coincides with the 20 week moving average near 7800. This is a correction in a larger wave 2 and the internal structure is a triple zigzag marked as a-b-c-x-a-b-c-x-a-b-c, where the last a-b-c is called z. wave c of z is now completing a 5 wave decline, and if the metal index closes positive today it should be considered complete.  Then, from this low we should start a larger 3rd wave which can take 5 to 6 months to complete and achieve 13,800 if it is equal to the 1st wave. The current level is near 7900, and the move would amount to another 75% upside.

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