Dated 15/01/2018
Wheat Spot Delhi- Last Close - 1816 - Correction And Consolidation At Current Level
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The 55 VA is below 89 EMA which still indicates a bear market.
Oscillation and volatility around the 55 VA and 89 VA is likely.
Trend line support for the time being is witnessed.
Expect a rise above 1820. A rise above 1850 can lead to a rise towards 1875 or above.
Further fall below 1770 can lead to a slide towards 1715-1700.
Correction is for a fall to form Wave (c) appears be in progress.
Trend line breakdown if witnessed will confirm slide for Wave (c).
Wave (c) could be 1700 or below.
Upside momentum is above 1876 closing and till then rise to averages or above is to exit long position.
Averages are placed at 1799 and 1807.
Convergence of 55 VA over 89 VA has not yet being witnessed.
Conclusion
Consolidation at current level or below could be seen till 1769 is not violated.
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