Mandi steel spot price idea Mandi price is stabilizing on day chart after 5-6% down move. Now we expect some bounce around 1500 to 2000. For this we need some support from direct or indirect factors affecting domestic steel...
STEEL trade ideas
Steel Price has been rallying a downtrend on a zigzag pattern.
The wave C has extended almost to 2.62% of the A wave.
Yet the trend is not over.
Wave C has an extended third wave.
In that third wave, the third smaller wave must be extended and has not yet reached to that point.
I kindly request those well-trained in the field to provide me with their expert opinion on the wave counting.
I am greatly honored to receive your thoughts on this.
Thanks.
Mandi long at undeceive stage Here Mandi steel long chart is near to multiyear support zone.
Circle mark A: It has drifted bellow support and bounced back.
Circle mark B: Market bounce back above support and sustaining.
Technically both has equal importance, any of one will decide the fate for medium term.
Steelsteel has done more than 70% of price correction
this correction was an anomaly that might have been due to corona virus epidemics
I say so because price usually does not break through the red ichi cloud
it is expected that the price enter a period of time correction in the form of any compression
as you see in the weekly timeframe, the lower edge of the not-very-thick green cloud is the upper limit upto where price can ascend.
but if the price tries to overpass that level it can do it through the gap where the ichi lines break after the green cloud & it may take another 2 years time
on the whole steek can not linger for long at this low levels & very soon will see higher prices.
The Mighty SteelSteel is hiding below the huge green mass of an ichi cloud whose leading span A & B are nearly on the verge of crossing one another.
that signifies that it may take another 2 to 3 years for it to gain momentum to rise past this area of crossing.
I think the price may not see further correction but instead may experience time correction & play in a range to the side.
