Posts

Power Grid Elliott Wave Analysis

Image
 Power Grid daily chart From the above daily chart, the stock is moving in a rising channel, but recently it faced the resistance of the channel and reversed which possibly opens plunging of the stock towards its support. As it can been seen prices are moving in a small falling channel, where it is reversing from its resistance and can move down towards it support, where the support of the rising trend line is place, popularly known as confluence zone As per Wave theory, prices have moved up in a three wave structure and from there it is correcting in a three wave structure (a-b-c). Wave c is pending on the downside which can drag prices near till 200-198 levels, to complete either wave x at on higher degree or wave a on a smaller degree. The summation is Power Grid has a crucial resistance at 220 and can move down from here till 200-198 levels over short term. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted

MCX Zinc Elliott Wave Analysis, Extension within extension

Image
 MCX Zinc daily continuous chart As shown in the above daily continuous chart of MCX Zinc, prices are moving in a rising channel which is a positive sign. As far as higher highs and higher lows are intact the bias for this base metal will be positive and there are high chances for this counter to cross its previous high of 241.2 levels. It is every evident that the lower rising trend line which is providing the support for this metal is crucial. Prices are trading above this trend line, if it persists above the crucial trend line support, prices are expected to soar. From waves perspective, prices are moving in an impulse fashion, where wave 3 is extended in which 3 rd of iii rd is extended, particularly known as extension within extension. Prices are on the brink to complete wave 3 in which wave v is pending which can cross 241.2 levels and touch 242-243 levels. The summation is MCX Zinc is firm uptrend and it is expected to test the level of 242-243 levels as far as 234 is int

BHEL Anticipated Happened and Elliott Wave Analysis

Image
 BHEL daily chart anticipated on 28th Feb 2021 BHEL daily chart anticipated happened on 6th May 2021 In my previous article dated 28th Feb 2021, I had mentioned, " BHEL is in stealth uptrend and expect it to move till 58-60 levels over short to medium term, with support at 40 levels (closing basis)." The stock moved as expected in past two months and eventually achieved my level of 58-60 on 6th May 2021- Anticipated Happened. Here is the link of my previous article on BHEL, click on the link https://www.marketanalysiswithmeghmody.com/2021/02/bhel-elliott-wave-analysis-and.html Medium to long term forecasting is a challenge but you can learn this with me in my one month webinar, the details are mentioned below. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and th

Nifty Bank Elliott Wave Analysis

Image
 Nifty Bank hourly chart As shown in the above hourly chart of Nifty Bank, it is very clear that prices are facing the resistance of the falling channel. On the last trading day of the previous week, the index failed to cross the resistance of the channel and as a result selling pressure intensified, faltering the index by over 2.7%. Now it will be difficult for the index to move above 34400 levels and as a result it can move down near to the support of the falling channel. The immediate resistance will be 33535 levels, the bias will be firmly negative for the index. As per wave theory, I think the index is moving down in simple zigzag, where wave a was an impulse fall followed by wave b which is at 50% of wave a and I am now expecting wave c lower which can fall till 61.8% of wave a to wave b, which comes to 29800-29700 levels. The summation is Nifty Bank is facing resistance at 33535 levels, as far as this level holds the index can slump till 29800-29700 levels over short term.

Nifty Elliott and Neo Wave Analysis

Image
 Nifty daily chart Nifty hourly chart From the above daily chart, Nifty is moving in a falling channel and has reversed on the last day of the week slumping over 1.7%, down by 263 points. This is very evident as it has reversed from the resistance of the falling channel. As per candle stick pattern, it formed an evening star, which is a bearish reversal pattern. Daily RSI has closed below the center line which is a negative sign. In hourly chart, prices are moving in a lower highs and lower lows formation which indicates that the trend is negative. Also after reversing from 15000 levels, it will now act as a crucial resistance. It is likely that prices will plunge near to the support of the channel which needs to break its previous low of 14150 levels. From Waves perspective, the index is moving in a double correction where after wave x it has formed wave a at 14250 followed by wave b at 15085 and now it will start the last leg which is wave c of double correction which can falter

MCX Gold Anticipated Happened

Image
 MCX Gold hourly continuous chart anticipated on 11th Apr 2021 MCX Gold hourly continuous chart anticipated happened on 21st Apr 2021 I had mentioned earlier for MCX Gold that it can move higher from current levels on 11th April 2021. In that article I wrote, " MCX Gold has a support level placed at 46000-45700 levels which can be utilized as a buying opportunity for the level of 48100 over short to medium term." The yellow metal could not test the mentioned support but achieved the target level- Anticipated Happened. Here is the link of the previous article of MCX Gold written on 11th April, click on the link https://www.marketanalysiswithmeghmody.com/2021/04/mcx-gold-elliott-wave-analysis.html Now it is difficult to know whether the trend will reverse or there will be resumption of the short term trend.  The answer to this question can be derived by combining technical tools along with advance technical analysis. You can learn both Technical Analysis along with Elliott Wave

MCX Silver Elliott Wave Analysis

Image
 MCX Silver daily continuous chart MCX Silver hourly continuous chart From the above daily chart, MCX Silver has come out from negative formation and has started moving in a higher highs and higher lows formation. The overall formation is sideways and it is likely that it will move higher from current levels to reach its resistance of this sideways pattern. RSI is above the center line which is a positive sign. In hourly chart, prices have given a bullish break in a falling wedge pattern, which is a positive sign. It is also sustaining above the pattern and can move higher by surpassing its cluster of resistance placed at 76000-77000 levels. However, RSI is in overbought terrain and can relieve going ahead. From Waves perspective, the bullion is moving in a running flat pattern (3-3-5) where wave b has retraced between 80-100% of wave a and wave c has ended in an ending diagonal pattern. Also wave c has failed by not moving below the low of wave a. This concludes that there will be