Posts

Showing posts from April, 2020

Nifty Elliott Wave Analysis

Image
Nifty hourly chart


From hourly analysis, there is no discontinuation of higher highs and higher lows and so it is difficult to say that the trend is negative, but a move below ... which is the black horizontal line can open negative possibilities.
As per wave theory, the index has completed wave a in a complex correction and now it is moving in wave b which can falter till ....% of wave a of one higher degree which comes to .... levels.
The summation is, it is imperative to remain cautiously positive for the index, any move below... can drag it till .... levels in near to medium term.
Learn Elliott Wave and Neo wave in my 1 month course which will be a paid webinar scheduled twice a week, the fees for the same will be Rs. 10,500/-. Call +919324174580 for registration and enquiry.

SBI: Neo Wave Diametric and possible triangle pattern

Image
SBIN hourly chart


From the above chart, I have drawn Neo Wave diametric pattern to complete wave b at one higher degree. After that wave c is still ongoing in which wave iii was extended and as of now wave iv of wave c is in making, now this can eventually turn into symmetrical triangle as shown in the above chart.
The other possibility is wave iv is completed in a complex correction (w-x-y) and it is now on the brink to start wave v of wave c lower, as soon as the level of ... is broken prices will start wave v which can falter till ... which is ...% of wave ....
Find out which level it is that will complete wave iv and moreover Learn Elliott and Neo Wave with me in my paid webinar of one month, schedule twice a week covering theory and practical applications in Rs 10,500/- for registration call +919324174580

MCX Zinc Mini YouTube video

Image
The above video is on MCX Zinc Mini where I had taken chart and manually counted Wave counts, the video shows how accurate I was in calculating. The below link is how I had taken the 10th March chart which became a fact after almost 2 months.
https://www.marketanalysiswithmeghmody.com/2020/03/mcx-zinc-mini-elliott-wave-forecast.html
Learn Elliott-Neo Wave in my 1 month course for twice a week to understand all the concepts of time and price and all the patterns of the above mentioned analysis. This can be done in my webinar so don't miss the opportunity of the ongoing lockdown, learn something valuable. The fees for the same is RS. 10,500/- contact +919324174580 for registration and enquiry.

MCX Zinc Mini: The last wave has started

Image
MCX Zinc Mini daily continuous contract Anticipated on 20th April 2020


MCX Zinc Mini daily continuous contract happened on 22nd April 2020

In my previous update dated on 20th April 2020, I had mentioned , "Zinc Mini has a hurdle at 155, as of now cautiously positive for this metal is advisable. Any move below 149 will infuse selling pressure dragging prices lower till 142."
Today in the opening session it made a low of 142 after breaking 149 yesterday- Anticipated Happened
Check out my previous article on Zinc Mini by clicking the below mentioned link. https://www.marketanalysiswithmeghmody.com/2020/04/mcx-zinc-mini-anticipated-happened-and.html
Currently I think wave iv is over as it failed to cross 155 and tumbled, this means that wave v which is also the last leg or last wave of an impulse has started. The ongoing wave can falter till 127-125 levels in near to medium term.
This analysis is not easy as lot of practice is required for the best performance to come in, this pract…

MCX Copper: Anticipated Happened and Elliott Wave Analysis

Image
MCX Copper daily continuous chart Anticipated on 4th April 2020


MCX Copper daily continuous chart happened on 20th April 2020


In my previous update dated on 4th April 2020, I had mentioned, "The bias for Copper is positive for short term as it can move near till 387-390 price range with support at 375 levels." Prices went above 400, thus achieving my mentioned level.
Check the link of my previous article on MCX Copper by clicking here https://www.marketanalysiswithmeghmody.com/2020/04/mcx-copper-elliott-wave-forecast.html
As expected prices have completed wave iv which has reversed from the supply zone and it is all set to start or have started wave v lower. This wave v can move below wave iii but has the tendency to truncate as well so will just give a range in between ..... levels over short to medium term.
Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This th…

MCX Zinc Mini anticipated happened and Elliott Wave Analysis

Image
MCX Zinc Mini Fut Daily Continuous contract



MCX Zinc Mini Fut hourly continuous chart



In my earlier update dated 29th March 2020, I had mentioned in Zinc mini that, “prices are expected to take a breather which can soar it near till 146-149 levels as far as level of 139 is intact on the downside.”
The metal moved up above 150 levels, thus achieving both my levels of 146 followed by 149- Anticipated Happened
Check the previous article by clicking on the below mentioned link https://www.marketanalysiswithmeghmody.com/2020/03/zinc-mini-elliottwave-forecast.html
As shown in the daily chart of Zinc Mini, prices are still moving higher with small candles each day, indicating that prices are on the brink to lose the positive momentum. However, there is no reversal as such in prices that can relate to my view and so it is advisable for price confirmation to obtain.
From hourly chart, the upward sloping black trend line is providing support which is also steep in nature. Any move below 149 will give …

Bank Nifty Elliott Wave Analysis

Image
Bank Nifty Daily chart



Bank Nifty hourly chart



In the above daily chart, prices are moving in a sideways direction and inching close to move above its previous high which will form a higher highs and higher lows. For this it is imperative for the index to move above 21350 levels. Currently the index is trading at 20740 levels. Daily RSI is still below the center line which makes the index less lucrative.
From hourly analysis, the index persists in a rising channel formation and the resistance for the index comes to 23100 levels. Before this hurdle there is another threshold which is at 22300 levels. However, RSI in hourly chart is also near to the overbought terrain.
As per wave theory, prices are moving in wave c of wave a as of now, which means it can move till 100% of wave a of wave a which comes to 22300 levels. This can extend further as well till 161.8% of wave a of wave a.
The summation is, Bank Nifty can move till 22300 levels in near term with support at 19600 levels. A sustainabl…

Nifty Elliott Wave Forecast

Image
Nifty daily chart
Nifty hourly chart



In the above daily chart, the index is trading near to 9100 levels but it failed to cross its previous day high on Friday. Most importantly it is approaching near to the resistance which is at around 9230 levels. Any decisive move above this level will continue the uptrend and failure to do so will drag prices lower.
From hourly analysis, prices are trading near the neckline of inverse head and shoulder pattern. It is imperative for the index to break this neckline for further bullish possibilities. The neckline is placed at 9230 levels. Also the Fibonacci extension states that, prices have approached till 78.2% of the previous up move.
As per wave theory, it seems that wave (c) of wave a is on the brink to complete which will open wave b of one higher degree lower, dragging it near till 8600 or even lower.
The summation is, Nifty is approaching near to its crucial resistance of 9230 levels, only a move above this level will infuse further buying pre…

MCX Nickel Elliott Wave forecast

Image
MCX Nickel daily continuous contract


MCX Nickel hourly continuous chart



In the above daily chart of Nickel, prices have given a bearish break in a rising trend line which was acting as a support, currently the metal is trading near to it and it is now trading in a stiff range. As lower highs and lower lows are intact the bias remains negative.
In hourly chart, the metal is moving in a falling channel, with capping at 920 it is likely that it will move down till 780-750 levels. RSI which is in deep overbought zone is also relieving from this zone.
As per wave theory, Nickel is moving in complex correction pattern (a-b-c-x-a-b-c) as of now it is moving in wave c of second correction which can have a dynamic fall in coming trading sessions.
The summation is, prices have a resistance at 920 levels, but looking at the structure it is likely that the metal is bound to sink below its previous low and mark a new one. The support zone for this metal is at 780-750 levels.
Education Learn Technical …

MCX Gold Elliott Wave Forecast

Image
MCX Gold daily continuous chart


 MCX Gold hourly continuous chart


As shown in the daily chart of Gold, prices are moving in a positive direction by forming higher highs and higher lows. As far as this pattern is intact there is less possibility for prices to move lower or change direction.
From hourly chart, it is moving in a rising black channel, as far as prices persist in this channel the bias will continue to be positive. However, RSI is in overbought terrain.
As per wave theory, gold is moving in wave v of wave iii within which its last leg of wave v is pending on the upside which can soar prices going ahead.
The summation is Gold has remain strong in the first quarter of this year. It is likely that the strength will continue which can surge prices near till 45750 to 45850 levels in near term with support at 44930.
Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This th…

Nifty Elliott Wave forecast

Image
Nifty Daily chart

Nifty hourly chart



In my previous report, my stop loss got hit which was 8130, as the index closed at 8080 levels on Friday. This means the downside which I thought is over has still some room left. Let us understand the analysis of it.
In the above daily chart, the index closed at the low of the day on Friday and also broke its previous day low which was on Wednesday. This indicates that prices are not at all positively poised but can go down further from current juncture. Daily MACD has given a buy signal which needs to be accounted in coming weeks.
From hourly analysis, prices have already retraced 61.8% of its previous upmove, this opens a reversal from current levels but not necessarily as prices can dive further till 80%-100% of the previous rise. The MACD is showing a sell signal in hourly chart.
As per wave theory, wave b which is ongoing can form a flat pattern or a triangle pattern which will be monitored as and when wave unfolds. This is because wave a looks …

MCX Crude Oil Elliott Wave forecast

Image
MCX Crude Oil Daily chart


MCX Crude Oil hourly chart

In the above daily chart of Crude Oil, prices on Friday were up by 14%, which is a mammoth move after the 30% fall this year. Now it is important to see if this is a reversal. Prices have crossed its intermediate high which is the first sign of change in trend.This again opens the possibility that prices are set to move near till its previous high. Daily RSI is also moving from the oversold terrain.
In hourly chart, the crude oil is moving in a lower high and lower formation when it was moving lower, but RSI was not which can be termed as a positive divergence (marked by black line).
As per wave theory, Crude Oil has completed five waves down to complete wave c. This means that new leg on the higher side has started which can soar prices much higher.
The summation is, prices are poised to move higher near till 2180-2200. A sustainable move above this level can surge it near to 2290 levels with support of 1940.
Learn Technical Analysis …

MCX Copper Elliott Wave forecast

Image
MCX Copper Daily continuous chart



As shown in the daily chart of Copper, prices is showing resilience from the lows 330 levels and is now quoting at 380 levels. It seems that the supply zone (shaded area) will act as a crucial resistance as earlier it was acting as a support (polarity reversal). Daily Stochastic is showing positive signs as it can move back to the overbought region.
As per wave theory, Copper has completed wave iii of wave c down and is now moving in the form of wave iv of wave c. The possibility for prices to reach near till 387 to 390 is likely.
The summation is the bias for Copper is positive for short term as it can move near till 387-390 price range with support at 375 levels.

Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will …