Posts

Showing posts from August, 2020

Nifty Elliott Wave Analysis

Image
Nifty daily chart
Nifty hourly chart
In my previous update, I was sure that 11520 will be the resistance but it surpassed thus negating my view of 11200 a lower level.In the daily chart, the index continues to move in stealth uptrend by crossing its previous day high and making a new one. Last week market made a new high of 11693 and closed near the high of the week at 11655. As of now prices continue to trade above rising trend line and there is no discontinuation of higher highs and higher lows which makes this index firmly positive. However, RSI continues to give whipsaws near the overbought zone.As shown in hourly chart, last week there was no correction in the index and as such there is a high possibility for a correction to come, this correction can be sideways to negative but it is unlikely to breach 11450 levels. RSI is near 70 from where overbought zone starts.As per Wave theory, after completing wave b at 11114 prices have started wave c in which it has completed wave i and is…

Larsen and Toubro Elliott Wave Aalysis

Image
Larsen & Toubro daily chart
Larsen & Toubro hourly chart
From daily chart, prices are moving in a higher highs and higher lows, ten trading sessions back it has crossed its previous high which opens further positive possibilities. After making a high of 1026, it retraced back near to the horizontal line which was earlier acting as a resistance, will now be a support (polarity reversal).  The rising trend line is also playing a crucial role by providing support to this capital good stock. From there a sign of resilience is seen. RSI in the daily has relieved from the overbought and is set to move higher from current levels.In the hourly chart, LT was trading below the falling black trend line but on Friday it crossed this trend lie thus giving a bullish break and at the same trading day there was a throwback where it re-tested the trend line (black). MACD is positively poised and can move higher as far as it is above the signal line.As per Wave theory, prices have completed irreg…

EURINR: Terminal Impulse (Leading Diagonal) Elliott/ Neo Wave Analysis

Image
EURINR daily continuous fut chart
EURINR hourly continuous fut chart

In daily chart of EURINR, the pair is moving higher in a rising wedge shape pattern which is a bearish reversal pattern. However, there is no price breakout yet, once there is a price confirmation, prices are set to falter. RSI is also exhibiting negative divergence which is a sign of caution.From hourly chart, prices are moving in a rising channel (shaded portion) indicating that the trend is firmly positive and it has arrived near the support. This support zone of 87.50-87 needs to be broken decisively which will infuse selling pressure dragging it near till 84 levels. RSI is relieving from the oversold terrain and is set to resume the downtrend once there is price confirmation.From Waves perspective, prices are moving in a leading diagonal as per Elliott Wave and terminal impulse as per Neo Wave. Here wave iv has overlapped wave ii (rule of impulse as per Neo Wave) and part of wave i (Elliott Wave) and thereafter w…

Nifty Bank: Anticipated Happened and Alternate Wave Count

Image
Nifty Bank daily chart anticipated on 4th August 2020 Nifty Bank hourly chart happened on 26th August 2020 In my previous update on Nifty Bank, I had mentioned that, "Nifty Bank can reach till 23300 levels which will be immediate resistance with support at 21000 (closing basis)."Today, the index surpassed this level thus achieving the 23300- Anticipated Happened.Here is the link on my article on Nifty Bank click on ithttps://www.marketanalysiswithmeghmody.com/2020/08/nifty-bank-elliott-wave-analysis.htmlI have opened another possibility for this index as earlier I was thinking as (a-b-c-x-a-b-c) but I had also opened wave x/b in my previous article. This means that wave c on the upside was pending and so as wave a after wave x. So here wave c is quite likely as the structure looks impulsive and can move up above 25000 in coming weeks.The summation is as far as 22500 is intact on the downside, prices are likely to reach till 25300 levels in near term.EducationLearn Technical A…

TATA Motors Anticipated Happened

Image
Tata Motors hourly chart Anticipated on 15th August 2020 Tata Motors hourly chart Happened on 26th August 2020 In my previous update dated 15th August 2020, I had mentioned, "Tata Motors will find support at 120-122 levels which can be utilized as a buying opportunity with support at 114 (closing basis). On the upside that stock can test 134-136 levels." Today it surpassed 134-136 zone thus Anticipated Happened.Here is the link of my previous article of Tata Motors click on ithttps://www.marketanalysiswithmeghmody.com/2020/08/tata-motors-elliott-wave-analysis.htmlI was very clear that prices will take support at 122-120 price zone which was earlier acting as a crucial resistance, once this level was taken out  it will now act as a support (polarity reversal). Also I had mentioned that it will be a buying opportunity with stop of 114 (closing basis). The stock never went below 120 and from that level it achieved my target of price zone 134-136, thus gaining 13% in 7 trading se…

USDINR Anticipated Happened

Image
USDINR hourly fut chart anticipated on 9th August 2020 USDINR hourly fut chart happened on 24th August 2020
In my previous article dated 9th August I had mentioned that, "Prices are set to plunge in order to test the support of the falling small channel which comes to 73.8-74 levels and the resistance will be at 75.8 (closing basis)." - Anticipated HappenedToday it made a low of 74.0250 in futures which was close to my mentioned target, I was bearish from 75.13. Here is the link of my previous article, click on it.https://www.marketanalysiswithmeghmody.com/2020/08/usdinr-elliott-wave-analysisIn the afternoon, the Fiance minister announced a relief by exempting business upto 40 lakh annual turnover from GST, after that many Fundamental Analyst became bearish, but Elliott Wave with combination of Technical tools were giving bearish signal in the start of the month.I had anticipated that wave x after second correction was over and so wave z will come down to test the lower end o…

MCX Lead Elliott Wave Analysis

Image
MCX Lead daily continuous chart MCX Lead hourly continuous chart As per daily chart, MCX Lead is trading above the rising trend line which is a positive sign. There is a crucial support of 150 for the base metal. Only a move below this level will infuse selling pressure which can drag prices way lower. As far as it is trading above this trend line the bias is positive. However, RSI is exhibiting negative divergence which is a cautious sign.From hourly chart, higher highs and higher lows are intact and recently it has come down to re-test the trend line support. Moreover none of the previous lows are taken out which makes this metal strong to move back up.From Waves perspective, prices are either moving in an impulse fashion or it is in (a-b-c) pattern, in both the scenarios the bias is positive. The internal structures indicate that prices are moving in wave v of iii/c in which it is extended. As far as 150 is intact on the downside wave v of wave iii/c is set to soar near till 158.5-1…

Bajaj Finserv Elliott Wave Analysis with Bollinger Bands

Image
Bajaj Finserv daily chart Bajaj Finserv hourly chart As shown in daily chart, Bajaj Finserv is now moving in a sideways pattern, this pattern needs to be first identified and then traded. The simplest way to trade is to find the upper and lower extreme of the pattern. I have applied Bollinger Bands with 2 standard deviations; this is a self adjusting band which contracts and expands based on volatility. As of now the upper band is placed at 6474 and lower band is at 6084. The bands are contracting which indicates a breakout to come in near term.From hourly chart, prices are moving in a contracting triangle pattern, here there is still a breakout to come. The basic criteria of two touch points on each trend line are fulfilled. There is a possibility for prices to move down in coming week to test 6100-6060 levels which will be a buying opportunity. RSI is below 50 which is a negative sign.As per Wave theory, prices are moving in a running symmetrical pattern in which the last leg of the …

Nifty Elliott Wave Analyis (Time Analysis with Price)

Image
Nifty Daily chart Nifty hourly chart In the daily chart, prices still continue to move in a higher highs and higher lows, but what is more worrying is the candles which are now becoming smaller and smaller indicating lack of positive momentum. In my previous article I had mentioned that Nifty can go till 11600 but it will negate, though it made a high of 11460 but now there are more signs of reversal occurring on the chart. The first and foremost is a negative divergence exhibiting on RSI where prices are making new high but RSI is not.Fibonacci Time zone which I have applied on daily chart (vertical lines) indicate that there is a high possibility of reversal, as and when index encloses to that time zone it has shown a reversal or a continuation in price action.As shown in hourly chart, the benchmark is still above the rising trend line, it is advisable to short the index once price trade below this trend line which is below 11220 levels. Once this level is breached, prices will disco…

DLF Anticipated Happened

Image
DLF hourly chart anticipated on 5th August 2020
DLF hourly chart happened on 20th August 2020
In my previous update date 5th August 2020, I had mentioned that, "The summation is, DLF can rally near till 163 levels which is a minimum target, it can rally further but that can be monitored later." Anticipated Happened.Here is the link of the article, click on it https://www.marketanalysiswithmeghmody.com/2020/08/dlf-anticipated-happened-and-elliott.htmlI was successful in capturing the entire upmove from 142 to 163 levels thus gaining 13 odd percent in 9 trading dys.With help of wave theory I not only understood the pattern but also was convinced with the upcoming wave. The internal structures of the recent uptrend is confusing but you all can learn this theory in my coming webinar of Elliott Wave and Neo Wave which is going to start in September. Below is the details and contact info for you all to register.
EducationLearn Technical Analysis in our 4 month course to help you to …

GBPINR ElliottWave Analysis

Image
GBPINR daily continuous fut chart GBPINR houlry continuous fut chart
As per daily chart, GBPINR is moving in a higher highs and higher lows, its previous high is crossed which opens positive possibilities. Daily RSI has relieved from overbought zone and is all poised to move higher from current levels.
From hourly chart, prices are moving precisely in a rising channel and recently it has bounced from the lower end of the channel which is a positive sign. Also hourly RSI is above 50 and is inching towards overbought terrain. 
Wave theory analysis suggests that the currency pair is moving in wave iii in which wave (v) is pending which can go till 38.2% from the start of wave iii to wave (iv) which comes to 99.7 levels. I have marked wave i and wave ii lower which is not that compelling an so will also open wave a and wave b lower and wave c higher so in summation it can be (w-x-y) in future.
The summation is GBPINR is positively poised and is all set to move higher till 99.7 levels with supp…

TATA Motors Elliott Wave Analysis

Image
Tata Motors Daily chart Tata Motors hourly chart From the above daily chart, Tata Motors continue to move in a higher highs and higher lows. Recently, this stock has also given a bullish break in cup and handle pattern. The resistance was around 120 levels which was crossed and made a high of 132.6 levels. The sell off on Friday dragged the gains and it closed at 124 levels.As per hourly chart, prices are supposed to find strong support at 120-122 levels (shown by horizontal shaded lines). After that uptrend will continue and prices are set to even cross its high of 132.6 in near term. RSI has also relieved from the over bough zone and is set to reverse soon.From wave perspective, after the triangle pattern, prices are moving in wave c which is impulse in nature. In wave c prices have completed wave i, wave ii and wave iii in an extended form. At present wave iv is ongoing which can be terminated at 120-122 levels and after that wave v higher will start.The summation is Tata Motors wil…

Nifty Anticipated Happened and Elliott Wave Forecast

Image
Nifty hourly chart anticipated 9th August 2020 Nifty hourly chart happened on 11th August 2020 In my previous update dated 10th August 2020, I had mentioned for the benchmark, “The summation is prices are set to soar till 11342 levels with a support of 11120, a sustainable move above it will open further positive possibilities.”- Anticipated Happened.Here is the link click on ithttps://www.marketanalysiswithmeghmody.com/2020/08/nifty-elliott-wave-analysis.htmlOn 11th August, prices surpassed its previous high of 11342 and made a new high of 11377, thereby achieving my target. I had also mentioned that, if it sustains above 11342 then it will continue to be in uptrend. However, on the last trading week there was a considerable correction which dragged the index till 11116 and closed at 11178 levels.As shown in hourly chart, the benchmark is at crucial support of the rising trend line, on Friday it broke the support but closed well above it, thereby respecting it. RSI on hourly chart has…

USDINR Elliott Wave Analysis

Image
USDINR daily chart
USDINR hourly chart

From daily chart, the currency pair is moving down in a falling channel which is a negative sign, also it is arriving near the support of the big rising channel which is placed at 74 or even lower. RSI is also whipsawing the center line which gives no clear signals.As per hourly chart, prices are moving in a lower highs and lower lows and it has found resistance near to its previous high and is showing signs of reversal. RSI is all poised to fall from current levels and can drag price till lower end of the falling channel.Wave theory suggests, USDINR is moving in a complex correction pattern, in which second wave x and now it is all set to move lower in form of wave z which also has to be corrective in nature.The summation is prices are set to plunge in order to test the support of the falling small channel which comes to 73.8-74 levels and the resistance will be at 75.8 (closing basis).EducationLearn Technical Analysis in our 4 month course to hel…

Nifty Elliott Wave Analysis

Image
Nifty hourly chart
As shown in hourly chart, Nifty continues to move in a higher highs and higher lows formation and it is trading above the rising trend line which is a positive sign. In last one week it has bounced from the trend line support and it is consolidating, this indicates a possibility for prices to run north, once the consolidation is complete. Hourly RSI has also relieved from the overbought region and is now set to move higher.As per Wave theory, prices have completed wave c at 100% from wave a to wave b, the correction then onwards can be plotted as either wave x or wave a of wave x. The fall from 11342 to 10884 is a three wave structure and so if the up move is wave b of wave x then it can travel till 80-100% of wave a of wave x.The index has already retraced 78.6% of wave a of wave x and so I believe it can go till 100% of wave a which is at 11342 levels. If it sustains above it then the first correction where I have marked wave x/a will be wave x and second correctio…

RBL Bank Elliott Wave Analysis

Image
RBL Daily chart On the first Friday of August 2020, RBL bank gave a bullish break in a falling channel which opens positive possibilities and also resumption of major trend to follow, which in this case is up. It was up by 10% on the day of breakout and this uptrend will continue to go on.
As per Elliott wave analysis, prices have completed wave iv at 160 levels and has started moving in a positive note in the form of wave v which can test 61.8% from wave i-ii-iii to wave iv.
In short expect prices to soar for couple of weeks till 225 levels where cluster of resistances are placed, the support will be at 170.
EducationLearn 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 be Rs. 12,000/-Elliott and Neo Wave analysis is conducted for 1 month, this is an a…

DLF: Anticipated Happened and Elliott Wave Analysis

Image
DLF hourly chart

In my previous dated 11th July 2020 on DLF , I had mentioned that, prices will falter once the level of 145 is broken which can drag prices till 136, prices made a low of 135 and from there it has shown signs of reversal. The yellow shaded part is the fall which was anticipated.
Here is the link of the above article, click here on the link https://www.marketanalysiswithmeghmody.com/2020/07/dlf-elliott-wave-analysis.html
As of now I think prices have completed wave b of first leg of wave b in form of wave a. This means I am expecting wave b higher which can move up from current levels. Now the first leg of wave b which is wave a is a three wave structure, so wave b of wave b has to be a three wave up move in which wave a and wave b is over and wave c has started which can rally till 80% of of the fall.
The summation is, DLF can rally near till 163 levels which is a minimum target, it can rally further but that can be monitored later.
EducationLearn Technical Analysis in our …

Nifty Bank Elliott Wave Analysis

Image
Nifty Bank Daily chart

In the above daily chart, prices are moving in a higher highs and higher lows formation, recently in the right hand side of the chart, the index have arrived near cluster of supports drawn by horizontal line, this support has made prices bounce near to the resistance of rising channel.
From Wave perspective, the index has strong support at 21000 where wave x/b is possibly over and has shown signs of resilience which can open either wave c higher or wave a of second correction, in both the scenarios the index is poised to go in positive direction. 
The summation is Nifty Bank can reach till 23300 levels which will be immediate resistance with support at 21000 (closing basis).
EducationLearn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the sa…