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Showing posts from January, 2019

MCX Copper in Double Correction

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 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: Expected to surge

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USDINR Daily Continuous chart USDINR is currently hovering near the resistance of the falling trend line. However, the short term moving averages have given a bullish crossover after two months from its previous crossover. It is important for prices to move above 71.50 levels for further positive possibilities which can push prices higher. Any sustainable move above 71.5 will make price surge near till 80% of the previous fall which is placed at 73.6 levels. RSI has exhibited positive divergence. Wave theory suggests that, prices might have completed wave a in three wave structure (a-b-c) at 69.2 and is now moving higher in wave b which can be close to the above mentioned level. In short, USDINR will surge till 73.6 levels over short to medium term once the level of 71.5 is taken out decisively. After 71.5 is crossed the support will be placed at 70.90 level. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid on

ICICI Bank: Ending Diagonal Pattern

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ICICI Bank Daily Chart ICICI bank is currently moving in a wedge pattern. Wedge pattern is normally a reversal pattern. However, in ICICI Bank it seems that minor leg on the upside is pending. This minor swing can surge till 390-392 levels where the resistance of wedge is placed. As per wave theory, this overlapping structure is termed as a ending diagonal pattern. The last leg wave v is still ongoing. After completing wave v, a dynamic move is expected which can make price tumble near till 330 levels which is near the support of wave iv. Conclusion, prices can move in between 390-400 levels. However, this move will not be sustainable which will eventually make price falter till 330 levels over medium term. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid online webinar which will help you to learn in dept analysis of price along with time. The price for the webinar will be 10000/- for two days. To book the seats

Bank Nifty: Impulse on the way?

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Bank Nifty (Daily Chart) Bank Nifty witnessed a counter trend after a steep fall last year. However, the current counter trend is on the brink to complete. The trend has arrived near 80% retracement of the previous fall (28388-24240), It is also been observed that a bearish pattern is in making near the resistance. RSI on daily is exhibiting negative divergence. As per wave theory, I have marked wave a at 24240 and wave b which is on going. In wave wave b, which is a three wave structure (a-b-c) within which we can see ending diagonal pattern, occurring in wave c of wave b. Completion of wave ii will open wave iii downside which will be steep and highly volatile. Conclusion: Prices are near resistance, a move below 26900 will start a steep move downside dragging it lower till 24000 and further lower. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid online webinar which will help you to learn in dept analysis o