Lead Under Correction
Shiv Kumar | Jan 28, 2017 04:22AM ET
Here is what I said about lead on 16th January, 2017. Both the charts are reproduced below. This is the daily chart presented on 16th January, in which I clearly mentioned the lack of symmetry.
Here is the second 5 hour chart with previous counts and upside resistance zone of 2370-2400 for the completion of so called wave 1 (updated counts are in next one).
Let's start with the daily chart of lead.
Daily chart showing rejection in the area of 2400 and RSI has tumbled down after reaching towards almost overbought area. Signal line of MACD also stopped the advance and became flat before a move lower for the crossover on this higher timeframe chart but the same indicators have already provided a sell signal on lower timeframes. Here is the 5 hour chart below with the same indcators showing bearish crossover after a diversion.
Here is another 5 hour chart with a slight change in my preferred wave counts from the previous one. If the wave count is right and we have finished the structure then the first support area for wave 2 is going to be the zone of 2250-2230 which if breached, will be followed by 2170/2130.
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Resistance: 2350/2400
Support: 2240/2178
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