LET THE MARKET TELL WHO WE ARE

After looking at the daily chart of NYMEX crude oil daily chart it seems that crude is trading in pretty up trend and above 114$ fire works can start any time in this counter as per Elliott wave’s wave principle it has completed its wave 1 on march 07, 2011 that was started on Feb 11, 2011 and then  a lovely retracement seen on till 96.70 as wave 2 that is completed on Mar 15, 2011 and now it is trading in 3 rd wave that is known as longest wave of impulse phase. As per wave theory this wave can head towards 120 in near term that is 161.8% fib extension of wave 1. If it close above 120 during 2 or more trading session in future then this wave can continue up to 142$ in near future that will be 261.80% extension of wave 1. After looking at MACD oscillator it is also getting ready for bullish breakout above 114 that will attract floor traders and small traders also with positive momentum. It has defined a risk around $105 for bulls. This wave count may fail if crude close below 105 ...

Today Comex silver opened at 47.25 and a gap left between previous sessions closing. This types of gaps are known as the change in the interest of the crowd and these gaps are the sign of reversal in the current trend. The gap that is left in silver today is known as the exhaustion gap. Normally these gaps show the interest of greedy crowd. Due to extreme bull move now bears are in panic and they are trying to exit their shorts that are confirmed by the gap on daily chart. Now bulls can start the profit booking and trend can reverse any time. And we can see some correction due to profit booking. Stay in touch with us after confirmation of this correction I will also update you with full entry exit levels.

After looking at the daily chart of copper MCX it seems that copper has complete its corrective phase after a bullish wave till 466.20 made in Feb 2011 and then good correction seen in this counter till 411.20 during march 2011. Now it seems that copper is moving in a descending triangle and now this is ready to break this triangle to resume its bull trend again. 445.20 is 61.8% fib retracement that is drawn from the high of the previous bullish swing to recent low of 411.20. This level can act a minor resistance area but major resistance 460 on closing basis a close above 460 will confirm a fresh bullish swing till 501-558 in near term long term trend is still bullish trend failure will occur only below 394 on weekly closing basis trader can buy in every dip this counter after a confirmation above 446 price targeting around 501-558 in near term. To learn technical analysis mail me at sunirathi@hotmail.com feel free to ask any doubt regarding technical trading..

Very good rally seen in S&P index and now it seems that it is ready to resume its bullish trend that has been started after the big economic slowdown of 2008. S&P 500 has complete its 3 wave corrective pattern and getting ready to resume its bullish trend and due to this bull really it can create panic in bullion traders so its time to be careful in bullions. As per this view it does not mean that bullions will fall badly but we can see some consolidation in bullions and after this consolidation sharp corrections can also appear in these counters.  But my followers need not to worry about these corrections when big game will start to bear market I will update u all when to enter in selling with proper levels. To learn technical analysis write me to sunirathi@hotmail.com

As per weekly charts of gold it is trading in pretty uptrend and trading near its life time highs. A fresh bullish swing has started after a breakout above 1435. Gold is trading in ascending parallel channel as we can see in snap shot of weekly chart and it has formed a bullish breakout above 1435 and now resumed a fresh bullish swing and as per this swing we will see $1600 on cards very soon. A fresh bullish cross over formed on MACD indicator that is also suggesting that buyers are still activate in this counter. There will be a great opportunity for buyers if a decline occurs around 1440-1430 zone that will be good buying area with a stop loss below 1390 on weekly closing basis for upside ride up to 1532-1602 in near term. On small time frame current swing may rally up to 1502 in few days and a reversal can occurred from that levels but long term time frame still bullish and a weekly close below 1390 can neglect this view otherwise bull market will continue in gold .

Silver MCX is trading in ascending parallel channel as par 240 minute log scale and as per this pattern resistance seen around 62000 in near term immediate support seen around 58600 for the day below this a fall expected till 57800-57500 zones but trend is still bullish trader can accumulate this counter on falls because major trend fail will occur only below 56400 on weekly closing basis. Till then no major change possible in trend before 62000. Market always moves in waves so it is possible we can see dips till 57500-57000 levels in near future but that will be good opportunity for buyers with a stop loss below 56400 on closing basis for price target around 62000-62800 in 3-5 weeks.  If you want to learn analysis and have any query related to my chart posts then feel free to ask sunirathi@hotmail.com