Dated 10/10/2016
MCX Silver Quarterly: Accumulation on Correction
MCX Silver (Price figures below are in Rs/INR per Kg)
Silver listed on MCX since 2004 and the Quarterly bar chart looks like as shown above.
The structure shows that Wave 4 is complete at 33233 formed in 2016.
Correction and retracement is being witnessed on the rise from 33233 to 48932 for Wave ii of Wave 5.
The Wave 5 can be as less at 57900 and can go to test back the peak of 73600.
As long as 33233 is not violated correction and retracement are for accumulation in physical.
Retracement levels are at 40883 and 39099.
All this will happen and shape up in time with come therefore accumulation in physical is suggest at correction and retracement level as long as 33233 is not violated.
Strategy for Physical Investors
Accumulate on retracement
Strategy for Futures Traders
Once bounce is seen from retracement then traders can buy with low below retracement as stop loss.