Nifty Metals Index
17 Mar 2021 ● 12:57 PM
Each subsequent rally in the nifty metals index has been shorter than the previous one. For this reason, I have been marking it as 1-2-1-2-1-2, however, it may not be improper to say that this is a 5 wave advance. While there is no perfect way to know if we are simply pulling back inside a larger impulse then the decline might stop near the 50% retracement mark near 3568, which may also coincide with the lower band on daily charts. But if prices go into freefall and break these levels then a deeper retracement back to the 4th wave of the entire rise, closer to 3050, which would also mark the 38.2% retracement of the entire rise from March'20, can happen. I am going to observe how it does relative to the stock market itself and accordingly choose what fits best at that point of time.