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16 Sep 202011:50 AM

NMDC fell below the trendline of the lows from May. However the rally from the March bottom is 5 waves up. This can either be marked as 1-2-1-2-1-2 or maybe considered as a leding diagonal where 5 impulse waves overlap each other at the start of a larger trend. In that case the entire move is wave 1 and the decline this month is wave 2 down to 86. This was also a 50% retracement of the entire rise. Now a new wave in wave 3 up is due to start or probably did because wave 2 was a-b-c down, and 50% retracement is enough. We need additional confirmation from the daily momentum indicators. Today it made an attempt to cross the averages but failed. So I will keep an eye on its ability to close above 91.50 and 94.80 as a sign of strength. Once wave 3 is in force it will attempt to go back above the wave 1 high near 109.

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