Metal index wave analysis

The metal index is continuing its upward journey 

in my last post Metal index elliottwave analysis 

The price has still got distance to travel.

 

The index can target 3600 in any case.The index can fall after 3600

if its x wave.We can confirm it later as of now the index has potential to target 3600.Individual metal stocks like hindalco jindal steel have chart structure quite similar to metal index .overall it looks still steam left in metals to go further up.

Midcap index wave analysis

Midcap index has not performed well this year.

Nifty has crossed all time high multiple times 

but midcap index has not even touched previou

highs yet.

Midcap index has grossly underperformed nifty 

for now.Lets see the wave pattern of midcap index .

Midcap index had made a high of 21840 and made a low of 17700 .A 19% correction from top.Friday it closed at 19443 so it has recovered back. Wavewise this has done abc with clear internal waves.

Its near to 200dma ie 19528 ,Which should act as resistance a close above this can further propel index towards 20350. Index is trading above slanting channel trendline a retest of this trendline can give confidence to this rally spreading further,Lets see how midcap index moves in coming weeks .Keep laggard midcaps on radar if the resistance is crossed they can run up.

UNION BANK ELLIOTTWAVE ANALYSIS

PSUBANKS have been correcting ever since 2011.

Deep corrections and inbetween fast retraces .

This is weekly chart which shows price movement in slanting channel.

On larger degree WXY correction is on W contains wxy of a smaller degree.Presently trading in Y leg of WXY correction (Sky blue) .

100 is a strong hurdle for this stock a good move is expected above 100 .Lower channel support comes at 50-55 .Can this fall towards 55 time will say right now look for 100 if that fails to cross look for lower levels to come.PSU banks move together.

Overall offlate PSU banks have been buzzing so thought to put a wave prospective.

AXIS BANK

Axis bank consolidated in a triangle for more than 

three and half years .

The stock tried breakout ,This a close above 641 would confirm 

break from triangle.laggard private banks are flavour of season.

icici bank is running so did axisbank need to see if this can close above 

641.The move can be huge above that ,No fundamental reason as such 

for such move yet ,Lets see if the stock can perform.Keep an eye.