Market Analysis With Megh Mody

NG Daily Continuous chart  From the above daily continuous chart of Nat Gas, it is clearly visible that prices broke the lower band of a sideways pattern. NG which was moving in a consolidation pattern of 200-185, has finally come out of it by breaking the support of 185, thus opening negative possibilities. As per Neo Wave analysis, after forming a top of 264 in the year 2016, prices moved in a three wave structure down, Where the first wave was a three wave structure, second wave was a five, forming an extracting triangle and the last will be the impluse wave which can drag prices further lower. In short, the bias for NG remains firmly negative as prices will moved down till ..... odd levels in near term. Learn Elliott Wave and Neo Wave in a two day seminar, so that you can get the desired calculation of the above asset class. For more details mail me meghmody@gmail.com

MCX Copper (Daily continuous chart)   Not so early I had written  MCX Copper Elliott Wave Forecasting, but was very skeptical on its future movements. In the previous article of Copper, I had mentioned that,   “As per Wave theory, after steep rise from 300 to 415 levels, prices are in the making of Flat pattern (3-3-5). As of now it seems that wave c of the flat pattern is over and prices are set to resume the uptrend. However, break of 365 will open other possibilities, which can eventually turn into another pattern.” Prices failed to form a flat pattern and eventually turned into complex correction pattern (w-x-y). Where in y it took more time and formed a bow and tie diametric pattern which comprises of (a-b-c-d-e-f-g) seven legs. After completing wave y in diametric, prices have started moving in a positive direction and can move till  or above it. In short, the bias for the red metal is firmly positive as it was before as it is expected to reach near 415

MCX Nickel (Daily Continuous chart) MCX Nickel tumbled from the top of 816 levels to mark a low of 558 in the month of June 2017. However, the trend which was earlier negative have shown a reversal. It will be early to judge the reversal but with the combine techniques of advance and basic technical studies, it is easier to jump on the conclusion. From the above daily continuous chart, the industrial metal has started forming a higher highs and higher lows. Prices which made a high of 586 (showed blue line) was crossed and later when it corrected it halted above 568 (showed red line). The moving averages which is a lagging indicator has given a bullish crossover after a bearish crossover in the month of March 2017, indicating that prices will move in the north. One of the popular indicator RSI has also moved in a positive direction after giving a positive divergence, currently it is above the center line. As per advance technicals which is Wave theory, prices have com