Nifty Metals Index

The Nifty Metals index rallied for the first time in 2017 when the dollar index declined in wave A of its bear market. The the first 5 wave advance was followed by a pullback to the 20 week average with a 38.2% retracement in price before wave 3 unfolded. This is a weekly chart. Wvae IV was a running triangle on daily charts.

The current situation has a lot of similarity with a running triangle in wave IV and now after wave 1 up wave 2 today touched the 38.2% retracement mark that coincides with the 20 week average. Lets see if the level holds and gives way to wave 3 up.