Gold may extend its rally!!!

Hello Friends,

In my last post on gold i posted the elliott wave count indicating that the rally will end near $1420.
But after the end of wave 4 at 1354.5 the wave 5 should not have breached $1423. Now since the rally of expected wave 5 have ended at $1434 which above $1423, the count get invalidate.

Invalidation of Wave C into expected 5 waves indicates that the wave C haven't ended here.
So we may see further upside in gold with the expected waves shown in image below.

Assuming wave C will extend further rally in gold may continue.
Invalidation of the count will be below 1384.1 and conformation will be above $1344.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain

Gold (Comex) Elliott Wave count.

Hello friends,

This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain

Relinace Industries!!! what if breakout happens???

Reliance Industries

Reliance Industries is now trading at 821.90 and is trading near resistance level of 833.00.
Price has also formed a triangle pattern and breakout may bring upside rally.

Taking a closer look we can see that once there was a false breakout and price have formed a Head and Shoulder pattern. 
So one should be cautions while investing.
One should buy above 837 and should keep eye on the level of 860-900-956.
Further upside can be seen above 956.
Stoploss of 76o should be strictly followed as it will be considered breakout of neckline of head and shoulder pattern and we can see further downside in the stock price.

This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

Where is Nifty Heading????

Nifty Daily chart

 

NIfty after forming an head and shoulder pattern in May 2013, broke the neckline and moved towards 5700 level (target as per head and shoulder 6230-5970=260 points)
But nifty failed to take support at 5700 after making an island pattern on 13 June.
Now market may take support at 5570-5600 and Uptrend confirmation will be given only above 5670.

If the uptrend continues we can see the level of 5890-5975.
Failing to sustain we can see level of 5520-5480

 This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain