Nifty Metals

The Nifty metals index daily momentum indicator crossed over to the buy-side yesterday itself and today it is likely to close above the 20dma. Both together would further add weight to the view that wave 3 of 3 started and we can expect 5225 in wave 3 on the way up over a 3-month time horizon given that wave 1 of 3 was also 3 months in duration.