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1. 11/11/2014

2. GOLD HOURLY CHART WITH WAVE COUNTING
Date and Time
11/Nov/2014
STOCK: GOLD MCX
Call: SELL
CMP: 25480
Initiation Level:
25900-25800
Book Profit (Level
1): 25500 Achieved.
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:-
As we have suggested to sell gold at 25900 for targets of 25500 and 25100 today on just few
hours after opening session gold crashed and made a low of 25450 hence our 1st Target 25500
achieved. Now gold is coming down to complete its wave (5) of wave (5) of wave [C] of Zigzag
pattern, while our alternate wave counting shows it should come down till 25335 to complete
wave (2) of new impulse. Which is not conformed yet. So overall still go with the impulse and
sell gold on rise till 25100, while 25330 will be an important support level for gold and wait for
the price to bounce back and again sell gold on that bounce back. That will take you to 25100 to
complete an impulsive pattern.
Prices are still trading below 200 EMA on hourly, while RSI is showing natural signal.

3. Date and Time 11/Nov/2014 STOCK: SILVER MCX Call: SELL CMP: 34320
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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