Copper has seen a rapid fall from 449.5 and has made a low of 425.15 so far. The indicators suggest that a brief recovery, which may go a shade higher than 432 (but must not go above 434.5) is in progress. Once this rise is done, another fall to below 399 (but not below 393) may be expected. Here is how the moves are perceived on the chart:
The basis of the expectation for the rise is the perception that 3rd wave of the fall is extended with respect to 5th. This presumption will get invalidated when copper ticks at 422.55. If it ticks at 422.55, 3rd will no longer be extended and 5th will have to extend for which, it has to go below 413.95 atleast.
The basis of the expectation for the rise is the perception that 3rd wave of the fall is extended with respect to 5th. This presumption will get invalidated when copper ticks at 422.55. If it ticks at 422.55, 3rd will no longer be extended and 5th will have to extend for which, it has to go below 413.95 atleast.
Sir cant understand your last Point
ReplyDeleteThis presumption will get invalidated when copper ticks at 422.55. If it ticks at 422.55, 3rd will no longer be extended and 5th will have to extend for which, it has to go below 413.95 atleast.
yt it means
can U elaborate more.
I am referring to the fractals within C3. C3 has to be an impulse and one of the fractals are to be extended. The way I am counting for the time being, 3rd fractal of C3 is not extended with respect to 1st fractal but is longer than 1st. Now the 3rd can be extended with respect to 5th fractal, which needs to go beyond 61.8% of 1st (to avoid extension of 1st to 5th) and also is to remain below 61.8% of 3rd (to keep 3rd extended to 5th). Mathematically, when copper February future goes below 422.55 without a correction of atleast 23% (or approx 6 Rs.) of entire fall from 449.5, the 3rd will no longer remain extended and hence 5th of C3 will have to extend with respect to 1st, which happens when 5th goes below 413.95. When that happens, the entire C3 from 449.5 has to go below 413.95.
DeleteIf Copper Breaks 422.55 than it will not C3 but C5 for a target of 413.95
ReplyDeleteI am pretaining right?
If copper remains above 422.55 and does a correction of 6 rs, it will mean that C3 got over with its 3rd extended to 5th. If it goes below 422.55 without the correction, we continue to remain in C3 till we reach below 413.95.
DeleteThx Alot Sir
ReplyDeleteCrystal clear.
Yesterday Crude WW give 30 points, still I think not over
But it delay time as per it has to do.
Copper Break 422.55
ReplyDeleteLow -421.90
Can we consider now C3 to continue to hit 413 & below.
Shorts can be open for that??
We can assume now that copper is poised to go below 413.95. But can we initiate a short now? I will say - NO. The shorts can be initiated close to 429.5, if we see that level. OR, we should be ready to go long below 413.95, when the pattern looks complete and the indicators show a bullish bias. Ideally the SL for longs would now be 398 or so....and hence the aim should be to go long as close to 399 as possible.
ReplyDeleteOk sir
ReplyDeleteWill better wait for 428-429 to shorts.
Another wolfe on the intraday chart. WHich indicates that copper can be shorted near or above 425 for a target of 421.6 or lower. SL not really defined and hence adhoc SL could be near 426.05 or so.
ReplyDeleteCopper has already done 425.15 and looks ready for the target leg of the wolfe wave.
ReplyDeleteWith this much of corrective already done, its now time to trade to the upside.
ReplyDeleteA nice setup for going long at 421.2 or lower for a target of 427.25 or higher, with a SL at 420.75.
If the SL is taken out, The next entry for longs would be near 419 or a little lower.
ReplyDeleteSir yt about now for the fall till 413???
ReplyDeleteC3 over or Your view still valid for it
421 done.
ReplyDeleteTomorrow it should go past 427.2, where it should be shorted for 410 or lower. In fact, its time to switch to Mar futures.
ReplyDeleteSir high 425 & back to 420.80
ReplyDeleteis it time to open shorts or wait for 427+++