Nifty Metals Index

With the new high in some metals stocks, where are we on this? Two scenarios I will explore. First, wave 5 is still ending as shown below, meaning that this is the last blow-off move in this segment. Makes sense except that wave iv is very big compared to wave ii, something I would usually discard. But this is the only way to complete wave 5.

The second alternate scenario may be that this is only wave 3 ending. It makes more sense on the daily and weekly charts to consider that the entire move from Sept to date is the 3rd wave. In this scenario, we are in wave V of 3 and that can extend for a while before it reverses. Then wave 4 may eventually go back to the lower end of the channel on this chart closer to 3600.