Dated 10/02/2016
Tur Lemon Mumbai - Correction still in progress
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Chart Description
Correction in prices of Toor Lemon is being witnessed. A retracement of the rise from 2150 (August 2011) to 15400 (October 2015) is in progress.
Retracement levels are placed at 7986 and 6569. The earlier peak and breakout point was at 5851 formed in October 2009.
The same was crossed to register a peak of 15400. In the earlier update, we had mentioned about the correction can it continued to recent low of 7550.
On the Wave structure, we can in the process of Wave B of larger degree with internals of Wave (a) in progress and may end any time now or at 6550. The price can correct down to the earlier breakout points of 5850 or below before moving higher. Immediate, if Wave (a) is terminated then the Wave (b) will resume.
Indicator Scenario
MACD has moved below the zero line
RSI/Stochastic is falling indicating correction in progress.
Conclusion
Correction is still in progress and may conclude and pullback or recovery may happen at current or at lower levels of 6668 and 5850.
In case of recovery, higher levels of 8800-11250 may be tested.
(By Commoditiescontrol Bureau; +91-22-40015533)
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