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Showing posts from February, 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.

SBI: Anticipated happened

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SBI 60 mins chart Anticipated on 8th February 2019 SBI 60 mins chart Happened on 14th February 2019 In my previous update I had mentioned that, "SBI is consolidating in a sideways pattern mainly in a range of 285-300 levels after a dynamic fall from 307 to 276 levels. Short term moving averages 20 EMA (red) and 50 SMA (blue) have given a bearish crossover which is a negative sign. From wave perspective, currently …. formation is in making which will end up in a running flat pattern. If it is true the post implication will be dynamic dragging prices way lower. This wave structure helped me to foretell the dynamic fall before it happened. Prices tumbled from 285 till 265 levels which was anticipated by me, giving a return of over 7% within time of a week. Now what is the next trend forming in SBI we will see as the wave progresses. If I can do it, you can also do it. All you need to do is mail me at meghmody@gmail.com and subscribe to my two day paid semin