NICKEL TECHNICAL OVERVIEW

The aim of this article to teach people who interested in trading with technical analysis that is Elliot’s wave and other technical indicators, it also helps to the professional traders and the students of Elliot’s wave,

 It also teach people the probable  market position of Nickel and what should be the trading strategy during this time and how to approach the market.

Hear I am presenting Nickel (mcx) charts and explaining you the market position , See how Elliot’s wave analysis works in freely trading market.

As per the  theory price moves in five waves in the direction of trend, the chart displayed below is seems like un even moves and one can confuse to trade for intermediate to long term vision.

 

Lets make it more clear the probable market position by doing the wave counts, hear is the another picture which is self explanatory.

As seen in the above chart the wave 4^th is being treaded, and it seems like choppy and range bound structure as per its personality in Elliot’s wave theory and the over all structure of all waves seems like complete text book example but no, it is really freely trading market,

Now let’s see what should be the strategy for upcoming two-three months.

Now we should take the position at or near the end of wave 4 for the 150-200 points target that is wave 5 end , let’s see the next chart for the target.

Hear it can be the probable nice targets for wave-5 end, just be patient ,take position and wait and watch.