Nifty Metals Index
5 Mar 2021 ● 02:45 AM
The metal index might need a change in wave count. At least 4 metal stocks have their daily momentum crossing over to a sell and can be marked as 5 or 9 waves complete for the rally from the Feb bottom. So the alternate is shown below. The decline is not minor wave iv but wave I of 3 is complete and wave II of 3 down may occur and can test the 20dma before wave III of 3 up starts. That is the near-term risk to the metal space.