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BSE Metals index

9 Sep 2020 ‚óŹ 02:04 PM

Big bounce back in metal stocks from below their 40dema's in other words prices fell below support but did not close below it. The Metals index also shows this and also shows that the support at the low was the lower end of the rising channel. There are many subdivisions in the advance some that I was not counting in favor of the larger count but doing it I am changing the count a bit after the recent a-b-c correction. If this low holds we are starting wave 5 up for the metals and the previous top was wave V of 3 and not the 5th itself. If this is true we go back to the top end or higher. We are at a good level for in terms of risk to take this view and so I shall. Till proven otherwise. The top end of the channel is at 10300, but I think the Jan 2020 top of 10858 should be put to test.

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