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Showing posts from May, 2020

MCX Silver anticipated happened and Elliott Wave forecast

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MCX Silver hourly continuous chart anticipated on 31st March 2020

MCX Silver hourly continuous chart happened on 20th May 2020

In my previous update dated 31st March 2020, I had mentioned that, “Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term.” On 20th May it made a high of 49500, thus achieving my mentioned level of 49200-49300 when it was trading at 41000, gaining stupendous 20%- Anticipated Happened.
Here is the link of my previous article on MCX Silver- https://www.marketanalysiswithmeghmody.com/2020/03/mcx-silver-elliott-wave-forecast.html
As per hourly chart, prices are expected to remain in a range of 46850-49400 after that there are high possibility to cross 49500 impressively which can soar prices till 50600 levels over short term. RSI has bounced from the oversold territory.From Wave theory, Silver is moving in wave iv of the impulse rally, It is likely to make a flat …

ACC: Elliott Wave forecast

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ACC hourly chart

As per hourly chart, prices are moving in a sideways direction, it is important for this stock to move above 1250 levels which will open further positive possibilities soaring it till 1500 levels. However, RSI is in overbought terrain and there are high chances for it to relieve from it first.From wave perspective, prices have completed wave b/ii which can be seen in the hourly chart at 1125 levels and it is now moving in wave c/iii higher, price confirmation can be obtained above 1250 which can resume the major trend.The summation is only a move above 1250 will open further positive possibilities which can surge prices near till 1500 levels with support at 1150.Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.Classroom training and webinars both are available. If you reside in …

Motherson Sumi Elliott Wave forecast and symmetrical triangle pattern

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Motherson Sumi hourly chart
Motherson Sumi has shown resilience from 50 levels and is now trading at 79. The first structure after making the low of 50 was an impulse which has five wave marked in a numerical manner, after that prices are trading in a contracting pattern which has eventually formed in a symmetrical triangle pattern. Now it is imperative for prices to cross 85 levels to give bullish break which can surge the price near till 100-105 levels which is 61.8% of wave a to wave b .
The symmetrical triangle pattern has not retraced till 61.8% and it is on the bring to terminate near till 38.2% of wave a of one higher degree. This means wave c higher is pending and this entire structure wll convert into zigzag pattern.
Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.Classroom training and …

Axis Bank Anticipate happened and Elliott Wave Forecast

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Axis Bank hourly chart
In my previous update dated 16th May 2020, I had mentioned that, "  Prices are poised to falter till 360-355 levels where the support of the channel is placed with resistance at 410." Prices made a low of 335 which achieved my above mentioned level. - Anticipated Happened
Here is the link of the previous article on Axis Bank- https://www.marketanalysiswithmeghmody.com/2020/05/axis-bank-elliott-wave-forecast.html
Now as prices has arrived near support of the falling shaded channel there are high chances for this banking stock to soar from current levels which can test 380-385 levels. As per Elliott Wave, prices might have completed wave a of the second correction post wave x, this means wave b higher cannot be ruled out.
Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500…

Nifty Elliott Wave Analysis

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Nifty hourly chart In my previous week update I had mentioned that, “there can be a push in prices which can soar it near about till 9400-9500 price range, which can be a bull trap. Any reversal from this particular price range will drag prices near till 8900 levels over short term” Prices made a high of 9584 which was just a spike and reversed before that it made a low of 9047.From hourly analysis, the index is moving in a falling channel (marked with shade portion), it is imperative for prices to break the level of 9040 for further downside to sustain, my previous level of 8900 is still intact as it is likely to test it. After that the next level which the index is expected to achieve will be 8750.As per wave theory, Nifty has completed wave b of wave b and is now on the brink to start wave c lower which can go till 8900 followed by 8750 levels.The summation is, only a move below 9040 will infuse selling pressure which can accelerate the downtrend till above mentioned levels which is…

MCX Crude Oil Elliott Wave Forecast

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MCX Crude Oil daily chart MCX Crude Oil hourly chart



In my previous update dated 4th May 2020, I had mentioned that, “Prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.”It marginally protected the level of 1390 as it made a low of 1388 and reversed completely to conquer my mentioned level of 1755- Anticipated Happened.Here is the link of my previous article- click herehttps://www.marketanalysiswithmeghmody.com/2020/05/mcx-crude-wave-analysis.htmlFrom the above daily chart, higher highs and higher lows are intact which is the sign of trend change.  Also a rising trend line is providing support to this energy sector with RSI still above the center line and below the overbought zone. Last day of the week candle has shown immense strength as it closed near the high of the day. As per hourly chart, after moving in a sideways action (blue shaded part) prices have given a bullish break which is a clear indication that the short term trend is now …

Axis Bank Elliott Wave Forecast

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Axis Bank daily chart
Axis Bank hourly chart

In the above daily chart it is very clear that prices are making lower highs and lower lows, which is a negative sign. After making a low of 287 prices managed to bounce till 486 levels after that it continues to move in the major direction which is negative. Daily RSI has failed to cross the center line from below and is showing signs of reversal.From hourly chart, the banking stock is moving in a falling channel, which is a negative sign. As of now it is showing signs of reversal from 420 levels which is closer to the trend line resistance. It has also filled the rising gap (marked by rectangle) on Friday which is a negative sign indicating that bulls are losing control.Wave theory says that, Axis Bank is moving in a complex correction pattern from the hourly chart pattern, this means that it has completed one correction after wave a at one higher degree was completed and then wave (x) was formed near 420 levels and now second correction is…

Nifty: Elliott Wave Forecast

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Nifty Daily chart


Nifty hourly chart

In my previous update dated 4th May 2020, I had mentioned that, “Only a move below 9260 can stumble this index till 9100 for short term. For medium term the bias is firmly negative which can drag it till 8030-7900 levels.”- Anticipated Happened.
Here is the link of my previous article: https://www.marketanalysiswithmeghmody.com/2020/04/nifty-elliott-wave-analysis.html
In the above daily chart of Nifty, the index is now moving in a negative direction, currently it is in a counter trend, once it is completed it will continue to falter. It is difficult to move above 9500 which is 61.8% retracement of the previous downfall of 9889-9116.
From hourly analysis, a bearish island reversal is seen (circle) which opens negative possibilities, prices after a steep fall from the top of wedge pattern is now witnessing s sideways action, the capping to this pattern is at 9400-9500 levels. Stochastic is moving out of the overbought zone and now can move down till ove…

EURINR: Elliott Wave Forecast

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EURINR daily continuous chart


EURINR hourly continous chart



From the above daily chart, the pair has not started lower highs and lower lows and so it is moving in a sideways pattern. It seems that this pattern will terminate which can eventually lead to break of its previous low of 80.30. Daily RSI is below 50 which is in a selling terrain. As per hourly chart, after giving a bearish break in an ascending triangle pattern, prices are moving sideways, it is imperative for it to break the level of 81.60 levels which will give a price confirmation that the trend is negative. A move below 81.6 can drag prices near till 80.30 or even break it. As per wave theory, I am opening two possibilities which is a complex correction w-x-y and second is a-b-c. The triangle is completed where wave b/x is marked which opens wave c/y on the lower side dragging prices near till end of wave a at one higher degree. The summation is prices need to break 81.6 which can make it plunge till 80.3 levels over short…

MCX Crude wave analysis

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From the above daily chart, prices are moving in a falling channel (shaded part), recently it bounced from the lower end of the channel and is now poised to move near till resistance. Daily RSI is exhibiting positive divergence which is an indication that the negative momentum is at a halt (marked by black line).

As per hourly chart, prices are moving in a higher high and higher low pattern after forming a low at 800 levels. It is moving precisely in a rising channel (shaded part). The first threshold will be at the horizontal line marked which is place at 1755 levels. However, RSI is in overbought zone and can relieve first.

As per wave theory, prices have completed wave v and it has started moving higher in form of new leg, this can be wave i or wave a and can move up near till 1755 levels. The trend as of now is firmly positive.

The summation is prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.

Nifty Wave Analysis

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In the above daily chart of Nifty, prices continue to move in a rising wedge pattern which is a negative sign as any time this pattern will end eventually turning the positive momentum into negative. Daily RSI is above 50, and it is likely to face resistance in near term.

From hourly analysis, a throw over is seen which is possibly the end of the wedge pattern, this can also be a bull trap as prices will move down in dynamic fashion, it is important for the index to break ... which can tumble it near till ... levels over short term. I will continue to say that my earlier levels for Nifty was ... levels, I will change to ... levels over medium term.

As per wave theory, a complex correction pattern (w-x-y) is still going on which will complete wave a at one higher degree, after that a three wave structure will open to complete wave b which can retrace ... which is nearing to ... levels.

The summation is, only a move below 9260 can stumble this index till ... for short term. For medium …