Market Analysis With Megh Mody

 Nifty hourly chart From the above chart, the benchmark is moving in a rising channel and recently the channel is broken which opens negative possibilities.  Price confirmation is yet not obtained but break of channel is confirmed which is a sign of caution. Also momentum indicator RSI is relieving from the overbought zone and can move down from here. As per Wave theory, am impulse rise is seen on the short run which now opens a corrective wave adjacent to the current rise. This means prices are all set to dive either in zigzag , flat, triangle and so on. On the downside there are cluster of supports placed at 17320-17300 levels. The summation is Nifty can plunge near till 17320-17300 levels over short term as far as the level of 17645 is intact on the upside.

 MCX Gold weekly continuous chart From the above chart, it is clearly visible that on and short term prices are moving in a falling channel  indicating that the trend is negative. To confirm lower highs lower lows, it is imperative for prices to break its previous low which is placed near to 44000.  As per wave perspective, prices are moving in an impulse fashion where it completed wave 3 in a extension and it is currently moving in wave 4, where it completed wave a and wave b. Wave c on the downside is pending which can drag prices near to 61.8% from wave a to wave b. The summation is the yellow metal is expected to lose its shine and falter near to 42000 levels over neat 6-8 months.

 MCX Copper continuous hourly chart anticipated MCX Copper continuous hourly chart happened In my previous article, I had mentioned for MCX Copper that the red metal will falter till 680-670 when it was quoting at 715-712 levels. The metal plunged till 685 thereby coming close to my mentioned  level - Anticipated Happened. To see my previous article on MCX Copper click on the link and read how I anticipated the fall. https://www.marketanalysiswithmeghmody.com/2021/09/mcx-copper-in-double-correction.html Currently I believe that prices have completed wave a after wave a and it is now moving higher in form of wave b which can move near to the falling trend line resistance, a strong reversal from there can plunge prices below 685 levels.

 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

 USDINR hourly continuous chart anticipated on 18th July 2021 USDINR hourly continuous chart happened on 6th September 2021 In my previous update on USDINR I had mentioned that, "  USDINR can test 75.5 levels over short term followed by 73 over medium term." Prices went up till 75.1 and faced the resistance of the falling channel making it difficult to reach to the level of 75.5. However, the medium term view of tumbling near to 73 levels was almost achieved as it made a low of 73.1.- Anticipated Happened. Here is the link of my previous article on USDINR, click on it https://www.marketanalysiswithmeghmody.com/2021/07/usdinr-elliott-wave-analysis.html From Waves perspective, prices faltered in corrective pattern which then I have to mark as (a-b-c). This does not mean that wave Y on one higher degree is over, this can be wave a of wave Y followed by wave b ad then wave c lower. On the other hand there is also a possibility that prices have completed wave y and it is now movin

 MCX Zinc hourly continuous chart anticipated on 19th August 2021 MCX Zinc hourly continuous chart happened on 19th August 2021 In my previous update, I had mentioned that, " MCX Zinc is negatively poised over short term and can test the level of 244-243 levels." The base metal faltered in the opening session and tested the range mentioned, it made a low of 243.1 and reversed quickly- Anticipated Happened To check the previous article, you can click on the below given link https://www.marketanalysiswithmeghmody.com/2021/08/mcx-zinc-elliott-wave-analysis.html Prices have bounced from a crucial support range and can go through a relief rally or continue the uptrend. There are two possibilities from here which I can see Possibility 1 - Prices can now transcend into its previous high and convert into triple correction which will continue the wave (a) higher in the third correction (a-b-c-x-a-b-c-x-a-b-c) Possibility 2 - This is a part of correction either wave x or bigger correct