Market Analysis With Megh Mody

 MCX Gold hourly continuous chart anticipated on 11th Apr 2021 MCX Gold hourly continuous chart anticipated happened on 21st Apr 2021 I had mentioned earlier for MCX Gold that it can move higher from current levels on 11th April 2021. In that article I wrote, " MCX Gold has a support level placed at 46000-45700 levels which can be utilized as a buying opportunity for the level of 48100 over short to medium term." The yellow metal could not test the mentioned support but achieved the target level- Anticipated Happened. Here is the link of the previous article of MCX Gold written on 11th April, click on the link https://www.marketanalysiswithmeghmody.com/2021/04/mcx-gold-elliott-wave-analysis.html Now it is difficult to know whether the trend will reverse or there will be resumption of the short term trend.  The answer to this question can be derived by combining technical tools along with advance technical analysis. You can learn both Technical Analysis along with Elliott Wave

 MCX Silver daily continuous chart MCX Silver hourly continuous chart From the above daily chart, MCX Silver has come out from negative formation and has started moving in a higher highs and higher lows formation. The overall formation is sideways and it is likely that it will move higher from current levels to reach its resistance of this sideways pattern. RSI is above the center line which is a positive sign. In hourly chart, prices have given a bullish break in a falling wedge pattern, which is a positive sign. It is also sustaining above the pattern and can move higher by surpassing its cluster of resistance placed at 76000-77000 levels. However, RSI is in overbought terrain and can relieve going ahead. From Waves perspective, the bullion is moving in a running flat pattern (3-3-5) where wave b has retraced between 80-100% of wave a and wave c has ended in an ending diagonal pattern. Also wave c has failed by not moving below the low of wave a. This concludes that there will be

 Nifty hourly chart anticipated on 29th March 2021 Nifty hourly chart happened on 8th April 2021 In my previous update on 29th March about Nifty, I had mentioned, " Nifty has a strong support at 14100-14000 levels, as far as it is intact prices are likely to soar till 14800-15000 price range in short term." The index bounced from the support and achieved my level of 14800-15000 levels as it marked a high of 14986- Anticipated Happened. Here is the link of my previous article on Nifty where I had anticipated the rise, click on the link to view the article. https://www.marketanalysiswithmeghmody.com/2021/03/nifty-elliott-wave-analysis_29.html It is very clear that prices are moving in double correction pattern (a-b-c-x-a-b-c), it completed wave x an has started moving down in form of wave a (second correction). Wave a is still ongoing and can tumble near to 14000-13800 price range. Learning Elliott Wave is difficult but practicing with learning is a simple but efficient process

 MCX Gold daily continuous chart MCX Gold hourly continuous chart From the above daily chart, the yellow metal is moving in lower highs and lower lows and it is precisely moving in a falling channel. From past one week, there is resilience from the lower end of the falling channel. To understand it clearly, I have applied Keltner channels. In the chart, the bands have started changing the direction from negative to positive and prices are above the bands, which is a positive sign. There is a high possibility for prices now to test the resistance of the channel. However, RSI is close to the overbought terrain. In hourly chart, after giving a bullish break in a small falling channel, prices continue to soar and can also surge going ahead. However, there are chances for a minor correction in this counter which can drag prices near to 46000-45700 price zone. Once there is a correction, prices are bound to climb back. From Waves perspective, gold is either moving in wave x or in wave i

 MCX Zinc hourly continuous chart anticipated on 21st March 2021 MCX Zinc hourly continuous chart anticipate happened on 8th April 2021 In my previous update on MCX Zinc dated 21st March 2021, I had mentioned, " MCX Zinc is positively poised and can move till 230-232 levels over short term with support placed at 214 on closing basis." Zinc failed to move below 214 levels and continues to soar there by achieving the level of 230-232, thus gaining 5% in fortnight. Here is the link of my previous article on Zinc, click on it https://www.marketanalysiswithmeghmody.com/2021/03/mcx-zinc-elliott-wave-analysis.html At present, prices are moving in wave c which is impulse in nature in which it is moving in wave iii. It has also reached 78.6% of the previous fall. After that wave iv and wave v up is still pending. Elliott Wave is difficult but with practice it will make you professional from a novice trader/analyst. Learn from me how to make practical application on different charts. T

 MCX Copper hourly continuous contract anticipated on 21st Mar 2021 MCX Copper hourly continuous contract happened on 5th April 2021 In my previous update about MCX Copper, I had mentioned that, The red metal can move up till 690 levels in the form of wave a of wave b. it achieved the mentioned level on 5th April- Anticipated Happened. Here is the link of my previous article about MCX Copper, click to read it https://www.marketanalysiswithmeghmody.com/2021/03/mcx-copper-anticipated-happened-and.html After completing the first correction (a-b-c) which I have marked wave a at one higher degree, the other possibility I am opening is wave x on higher side.  In the second scenario, I am opening wave b up in which wave a has still some room. one it is down wave b of wave b will come down followed by wave c of wave b which can go till 80-100% of wave a of one higher degree. I will monitor the movement in this counter and will updates about it as it moves down to form wave b. If it retraces mo

 Nifty Bank daily chart Nifty Bank hourly chart From the above daily chart, the index which was moving in a rising channel has given a bearish break by trading below the support. However, there are high chances that prices might test the resistance which was earlier acting as a support (role reversal). At present, prices are moving down in a small falling channel and it is making an attempt to bounce from its support. RSI is also turning from down to up but it is below the center line. In hourly chart, prices are moving in a falling channel by forming lower highs and lower lows, indicating that the trend (short term) is negative. Currently prices are at crucial juncture as it might bounce from the support of the falling channel and can move back up towards its resistance. It has also completed inverse head and shoulder pattern which is bullish reversal pattern. From Waves perspective, the Nifty Bank is moving either in double correction (a-b-c-x-a-b-c) or only a correction (a-b-c).