10/11/2014

GOLD HOURLY CHART WITH ELLIOT WAVE COUNTING

Date and Time

10/Nov/2014

STOCK: GOLD MCX

Call: SELL

CMP: 25930

Initiation Level:

25900-25800

Book Profit (Level

1): 25500

Book Profit (Level

2): 25100

Stop Loss: 26250

Conviction Level:

Moderate Risk.

Reasoning. (Read

Technical

commentary).

Short term Trend:

Bearish .

Medium Term

Trend: Bearish.

For the Traders: Sell

For Aggressive

Traders: Sell

Support: 25500-

26100-25800

Resistance-26000-

26270-26700

Duration:4-5 Days

Recommendation:-

On the basics of Elliot

analysis we are

Recommending to sell

gold on rise ( 25850-

25900) with the Stop

Loss of 26250 for the

Targets of 25500 and

25100.

GOLD MCX

Technical commentary:-

On last session prices of gold has bounced back after touching the price level of 25164 which

was 4 years low and successfully made a morning star pattern on daily candle stick chart. While

our Elliot wave counting show that this can be the end of the short term Bearish trend which we

have marked as wave (5) of Wave [C] of a zigzag of larger degree, and success fully made a high

of 25964 on same day, while on the other hand our alternate Wave counting shows that this can

be the Wave [c] of the extended Flat correction of Wave (4) of next smaller degree. Which

indicate that this can be a good selling level for gold as per the risk & reward Ratio.

While the prices of gold are till trading below 200 EMA and prices are near over sold range.

On the basics of Elliot analysis we are Recommending to sell gold on rise ( 25850-25900) with

the Stop Loss of 26250 for the Targets of 25500 and 25100.

Date and Time

10/Nov/2014

STOCK: SILVER MCX

Call: SELL

CMP: 34830

Initiation Level:

ABOVE 35000

Book Profit (Level

1): 34200

Book Profit (Level

2): 33400

Stop Loss: 35500

Conviction Level:

Moderate Risk.

Reasoning. (Read

Technical

commentary).

Short term Trend:

Bearish .

Medium Term

Trend: Bearish.

For the Traders: Sell

For Aggressive

Traders: Sell

Support: 34300-

33700-33200

Resistance-35200-

36000-36800

Duration:4-5 Days

Recommendation:-

On the basics of Elliot

analysis we are

Recommending sell

Silver MCX on rise above

35000 for targets of

34200 – 33400 with a

strict a stop loss of

35500.

SILVER MCX

Technical commentary:-

On last session silver has success fully completed the Wave b wave 4 extended flat formation,

on normal ways price are bounced back coz of major profit booking of short selling on silver

below 34000 level coz of this profit booking an Extended Flat formation is near to its end, and

hence 35400 is a big resistance level and prices can go down till 33500 or below to complete

wave (V) of wave 3 of next larger degree.

Ideally price should consolidate now to and it should trade in a narrow price range on Monday

to get new seller who were waiting still waiting to take a fresh short entry on silver.

Prices are still trading below 200 EMA and silver is near its oversold range of 15 and 30 min

Time Frame chart.

On the above chart our recommendation is to sell Silver MCX on rise above 35000 for targets

of 34200 – 33400 with a strict a stop loss of 35500.

SILVER HOURLY CHART WITH ELLIOT WAVE COUNTING

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reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the

product/s that suits them the most.

*Investment is subject to market risks.

Sincere efforts have been made to present the right investment perspective. The information

contained herein is based on analysis and on sources that we consider reliable. We, however, do

not vouch for the accuracy or the completeness thereof. This material is for personal information

and we are not responsible for any loss incurred due to it & take no responsibility whatsoever for

any financial profits or loss which may arise from the recommendations above.