The year of 2014 seems to be difficult for Commodities.
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
60 mins Chart:
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.
“The Commodity Waves Short Term
Update”. For more information visit Pricing page