Base Metal : Copper Update Symmetrical Triangle Formation

Copper CMP is 8735, is showing sign of forming Symmetrical Triangle Pattern and is reverting from the rising trend line after testing the same at 8700. If this rising trend ling is holding then will enter in wave E which will rise to test the higher falling trend line, which is expect to test at 9750 - 9800 around and once this higher trend line is crossed then will give a breakout. Expected target after the breakout above the level of 9800 will be the difference of the height of the triangle i.e. wave A which comes to 2100 points from breakout. Calculating the target from breakout point of 9800 comes to 11900* on higher side in Medium to long term. Minor correction can be expected on the upside rally.

Nifty Long Term View 17th Aug 2011

Nifty after testing the level of 2951 has been moving upside and has tested the high of 6343 which was near to the all time high of the market. after testing the level of 6343 it has move downside with the lower top and lower bottom formation which has also formed Bullish Pennant. Recently it has tested the lower falling trend line at 4975 which was just below 5000 psychological level, closing was above 5000 there after. IF the lower falling trend line is holding on closing basis then its expected to move in wave E which will move to test the higher falling trend line. It may test the resistance level of 5500 - 5550 area where some resistance can be faced.

Crossover of the resistance level will confirm the breakout. In immediate term i am looking Nifty to test 5550 level from current level of 5060, where the support of 4950 is advise on lower side.

Comment : Buying Nifty @ 5060 with target of 5200 - 5380 - 5550 where the stop of 4950 advise on closing basis.