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Nifty Elliott Wave Anlysis

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 Nifty daily chart Nifty 2 hour chart Analysis Last week, Nifty again achieved my level of 17200-17000 which was mentioned in my previous update. I had also mentioned that 200 SMA will give support to the index, the benchmark moved below the 200 SMA but closed above it. From daily chart, the index has given a bearish crossover of the two moving averages which I have been using 20 EMA (red) and 50 SMA (blue). This crossover (bearish) has happened after July 2022, indicating that the trend of the market is weak. Prices are also facing the resistance of the gap down placed at 17200-17300 levels. Daily ADX is above 20, once it is above 25-30, Nifty can sink towards 15800 levels over medium term. In 2 hour chart, the benchmark is moving in a lower highs and lower lows and moving precisely in the falling red channel. Prices recently bounced from the lower end of the channel and crossed the level of 17000. Nifty will faced the resistance of 17200-17300 levels which will activate sellers

CAC 40 - Elliott Wave Analysis

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 CAC 40 daily chart Analysis As shown in the above chart, CAC40 is the index of France and it is currently poised negatively. The primary reason for the index to be negative is it is moving in a lower highs and lower lows and falling channel. Ichimoku has turned red (cloud) which earlier was green, thus opening negative possibilities for the index. From Waves perspective, prices after forming a top at 7385, is moving down and completed wave a at 5763 followed by wave b higher at 6614 which is a running flat pattern (C failure). Currently the index is trading at 5762 and has started moving down in wave C in impulse fashion. In wave C it has completed wave i and wave ii and wave iii is ongoing and can plummet till 5450 levels which is 161.8% from wave i to wave ii. The summation is CAC 40 is firmly negative and can test the level of 5450 over short term.

USDINR Spot: Elliott Wave Analysis

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 USDINR daily chart Analysis As seen in the above chart, USDINR is been moving in a higher highs and higher lows and it is precisely moving in a rising red channel. Recently it faced the resistance of the channel and reversed on the back of rate hike by RBI to 50 bps. Technically also prices were facing the resistance of the channel. With RSI in overbought terrain and prices showing a reversal at the top there is a high possibility for the pair to come down either in a sideways direction or in a steep correction. Three days ago there was a dark cloud cover near the resistance (candle stick pattern) and in Friday a Doji. All these candle stick patterns indicate that the pair can move down towards near support. Wave theory suggests, the pair is moving in an extension where it recently completed wave iii and can move down to form wave iv. The summation is USDINR spot prices can move down to test the level of 80.60-80.35 levels over short term.

Nifty Bank: Elliott Wave Analysis

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 Nifty Bank daily chart Nifty Bank 2 hour chart Analysis Nifty Bank last week dipped till my level of 37600 which was the shaded portion in the above chart. On the last day of the week, prices bounced around from 37600 levels and closed above 38000. As shown in the above daily chart, the index is on the brink to give a bearish crossover, once this is done the bias will continue to be negative for Bank Nifty. ROC continues to remain below the center line which is a negative sign. The resistance for the index is placed at 39230-39435 levels. I think Nifty Bank will sink towards the level of 37300-37000 over short term. From 2 hour chart, if the index has the tendency to test its previous lows going ahead and can test the level of 37000 over very short period of time. If the index stays below 37300-37000 then it can further plunge towards 36500 levels. MFI has relieved from oversold terrain and can move back into it. As per Wave theory, Nifty Bank can open two probabilities Scenar

MCX Silver Anticipated Happened and Elliott Wave Analysis

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 MCX Silver daily continuous chart anticipated on 15th March 2022 MCX Silver daily continuous chart happened on 1st September 2022 In my previous update on 15th March, I had mentioned that Silver is  poised to falter till 50000 levels over short to medium term. The bullion after completing the pattern has tumbled till 51551 levels. When I wrote this article in the month of March the CMP of Silver was at 68000. - Anticipated Happened Here is the link of my previous article on MCX Silver, click on the below link to read https://www.marketanalysiswithmeghmody.com/2022/03/mcx-silver-symmetrical-triangle.html As per Wave theory, Silver prices can dip further and even break the level of 50000 levels and test 48000 levels over short term. As prices have completed wave i and wave ii is on the brink to complete, wave iii can break its previous low going ahead. The summation is MCX Silver is negatively poised and can test 48000 over short to medium term.

Dow Jones DJIA Elliott Wave Analysis

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Dow Jones DJIA 1 hour chart Analysis As shown in the above chart, prices are moving in a lower highs and lower lows formation and it is precisely moving in a falling channel, indicating that the trend of the index is weak and it is set to plunge going ahead. MACD has given a sell signal and it continues to remain in the negative terrain which is a negative sign for the benchmark. From Waves perspective, prices are moving either in complex correction (w-x-y-x-z) which looks to be difficult to accept or in (A-B-C) pattern. After completing wave B, prices have started wave c lower in which it has completed wave i and wave ii and has recently opened wave iii which will be violent in nature. The summation is Dow Jones is set to plunge at least till 28500-28400 levels over short term.  

MCX Gold and Elliott Wave Analysis

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 MCX Gold daily continuous chart The yellow metal has shown immense strength over past 6 years. However, this year due to rate hike concerns Gold has shed most of the yearly gains of 2022. The rate hike is going to stay here for some time as far as inflation remains at 4 decades high. FED will ensure it comes close to their target of 2% which is not possible at least for a year to come. Elliott wave suggests that prices have completed wave 3 around 60000 mark and there by in complex correction prices are moving in wave 4. Currently prices are moving down in wave y of wave 4 and can test 48000 or go even lower going ahead.