Comex Gold is moving at 3 years low, Crude is moving at 3 Years low, Base Metals are falling. During these times it becomes important to know that actually what is happening with overall commodities and which trend is going to come in coming years. Recently we also published article on CRB index whose in-depth research is covered in “The Financial Waves Monthly Update”. If you are trading commodities then it’s very important to look at the CRB Index. Besides that we have been publishing The Commodities Waves Short Term Update which covers MCX Gold, MCX Silver, Copper and Crude. This research also covers Lead and Zinc on an alternate basis once in a week.

In current week we have covered Lead with Elliott wave counts on Daily as well as short term charts. Elliott wave help us to see that prices are in which waves and what is going to be the probable trend ahead. It helps to form the trading strategy with proper risk reward ratio. Below we have shown part of the same which was covered in the morning of 12th November 2014.

 Lead Daily Chart:

 


 

 

Lead 60 mins Chart:

 


 

Wave Analysis:

 As shown in daily chart of Lead, since 2010 prices are intact in big upward moving channel as shown in blue color. Currently prices have arrived at the support of the same. More over the downside correction started in the year of 2013 is intact in red downward moving channel and currently prices are trading at the support of the same. So price action near 120 level becomes very important from medium term perspective. As per wave perspective, from the mid 2013 prices have been moving in another wave X of triple correction pattern. This wave X is forming double correction pattern a-b-c-x-a-b-c. Recently after the fall from the 140 to 120 levels prices are consolidating at lower levels. This suggest that minor wave a of ………………………..

 As shown in 60 mins chart, prices are moving in form of wave b. This wave b looks to be forming expanding triangle pattern. As per this wave counts prices are moving in last leg of pattern in form of minute wave e. Post completion of this wave c should come on downside which …………………..

 In short, 128 is the immediate resistance for Lead. Any move below …………. will take prices towards …….levels.

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