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Showing posts from April, 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.

MCX Copper: Classic Corrective Pattern

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MCX Copper daily chart MCX Copper is moving in a sideways to negative direction after discontinuing higher highs and higher lows and the rising blue channel. The red metal is directionless but has formed a classic corrective pattern recently. A price confirmation is required which can be obtained once the level of 445 is broken decisively. The level of 445 is the support provided by the rising trendline (blue), break of this trendline will drag prices lower till 430-428 levels in near term. From wave theory, prices are moving in a w-x-y pattern, in which prices can move down till 100% of wave w which is the minimum target (shown by rectangle box). It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis.  All you need to do is mail me at  meghmody@gmail.com  and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of

MCX Zinc: Why it is a buy on dips?

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MCX Zinc daily chart MCX Zinc has changed the long term trend from negative to positive. This metal will be out performing all other base metals in coming months. Why? To know the answer, I have marked my wave counts on the above chart. Let us understand why it is a buy on dips? Prices are moving in wave iii which is undoubtedly extended pattern which means wave iii is subdivided into five and can be identified with naked eye. In extended wave iii wave ii of wave iii took 24 trading sessions and was a running flat pattern, more of a sideways pattern. So it is likely that wave iv of wave iii will be steeper and can move down dynamically which has to be less or more than 24 trading sessions. Most likely less. To confirm that this is an impulse prices don't need to move down below 203 levels which will negate the rule of impulse as wave iv will enter the terrain of wave i. So the ideal support is between 210-207 levels and thereafter prices are expected to soar which I

USDINR: Enough depreciation

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USDINR daily chart USDINR has been continuously depreciating from past two months. after making a high of 71.9 in the month of February 2019. However, the depreciation will not intensify and there are high chances for prices to reverse in coming weeks. After completing wave a in flat pattern, prices are moving in wave b which is an irregular flat pattern. In which wave b dipped below the start of wave a and completed at 68.34. Currently prices are moving higher in wave c. This wave c can go higher till end of wave a. It is likely prices can move up till 72 levels in near term as far as the level of 68.4 is intact on the downside. It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis.  All you need to do is mail me at  meghmody@gmail.com  and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of price and time, h

MCX Silver: What Happens after an expanding diagonal?

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MCX Silver daily chart MCX Silver is been under performing from past one month, but it seems that the negative momentum is on the brink to halt and prices can reverse any time soon. I have used Elliott Wave Analysis to understand a possible reversal in price of Silver. From the top wave c is marked, prices tumbled in impulse which I have marked as (i-ii-iii-iv-v). In wave v there is a expanding diagonal pattern which is shown in the chart marking as (i)-(ii)-(iii)-(iv)-(v) an overlapping structure. RSI on daily chart is exhibiting positive divergence. All these indicators are suggesting price reversal. The bullion can test the level of 37500 in near term, any sustainable move above 38000 will open further positive possibilities which can take prices higher till 38500 levels over medium term. It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis.  All you need to do is mail me at  me