Market Analysis With Megh Mody

 MCX Zinc hourly continuous chart anticipated on 19th August 2021 MCX Zinc hourly continuous chart happened on 19th August 2021 In my previous update, I had mentioned that, " MCX Zinc is negatively poised over short term and can test the level of 244-243 levels." The base metal faltered in the opening session and tested the range mentioned, it made a low of 243.1 and reversed quickly- Anticipated Happened To check the previous article, you can click on the below given link https://www.marketanalysiswithmeghmody.com/2021/08/mcx-zinc-elliott-wave-analysis.html Prices have bounced from a crucial support range and can go through a relief rally or continue the uptrend. There are two possibilities from here which I can see Possibility 1 - Prices can now transcend into its previous high and convert into triple correction which will continue the wave (a) higher in the third correction (a-b-c-x-a-b-c-x-a-b-c) Possibility 2 - This is a part of correction either wave x or bigger correct

 DLF daily chart anticipated on 19th August 2021 DLF daily chart happened on 20th August 2021 In my previous update on DLF, I had mentioned that, " D LF is expected to dip till 310-305 over short term with resistance placed at 340." The stock faltered and closed at 309 on the last trading day of the week and marked a low of 306.5, thereby achieving my mentioned level in a single day after the previous article on DLF- Anticipated Happened. Please click on the link to see the previous article on DLF  https://www.marketanalysiswithmeghmody.com/2021/08/dlf-elliott-wave-analysis.html The stock has given a bearish break in a rising channel formation and can even sink further now to the next possible support placed at 295-298 levels over short term. The summation is DLF is now weak and can move down towards 298-295 levels in near term.

SHIBA/USD hourly chart As shown in the above chart, the crypto currency is moving in a higher highs and higher lows, but now it is at a challenging terrain where it is difficult to come to a concrete conclusion that where and how it can resume the major trend. I have found out two important supports from where prices can reverse and resume it's uptrend (shaded area). Wave theory suggests, prices have completed an impulse wave and has started corrective wave, either the correction is over, as it is showing resilience or it will move back down in form of wave c to complete (a-b-c) pattern and slump till next shaded region. The summation is, Shiba Inu is near important support, break of $0.0000780 will sink price till $0.0000720. If it stays above $0.0000780 then it can surpass $0.0000950.

DLF daily chart As seen in the above chart, prices are moving in a higher highs and higher lows. However, it seems that the strength is fading away as prices has re-entered the in the terrain of its previous high. If this is a reversal prices will break the small channel within the big one and can test the support of the big channel. From waves perspective, prices have completed impulse move, where wave 1 was a leading diagonal, wave 2 normal correction, wave 3 had extension within extension, wave 4 is steeper as compared to wave 2 and wave 5 marginally crossing wave 3 high. Now correction has started which can drag prices near till 310-305 levels. The summation is DLF is expected to dip till 310-305 over short term with resistance placed at 340.

 EURINR hourly continuous chart As shown in the above chart, prices have completed the most complex correction after forming the top. This means that correction is still ongoing and it can now move even further, as lower highs and lower lows are intact on short term time frame. Wave theory suggests that, prices have completed wave a in a Neo Wave diametric pattern followed by wave b up in a complex structure and now it is moving down in wave c in impulse fashion. This wave c can now test 85.5 over short to medium term. The summation is EURINR is negatively poised and can sink towards 85.5-85 levels over short to medium term.

 MCX Aluminum hourly continuous chart Prices has been moving in a positive formation as it is trading above the rising trend line along with that its previous highs has been crossed decisively.  However, as per advance technicals, Wave theory suggests that prices can test its previous low. The entire upmove is corrective in nature and the recent formation looks more like a irregular flat pattern. In which it has completed wave and wave b and wave c has already started. This means wave c can entirely retrace wave b placed at 203-202 levels. The summation is MCX Aluminum can dip near till 203-202 levels over short term.

 MCX Zinc hourly continuous chart As shown in the above chart, MCX Zinc is moving in a higher highs and higher lows. However, the base metal has broken its previous low which opens negative possibility for this counter. It is very obvious, that Zinc prices will now sink near to its cluster of supports. From Waves Perspective, prices are moving in a double correction as of now where after completing the second correction, it has now entered in a correction mode. This correction can be the end of the previous upmove or can convert into triple correction, for this it is imperative to monitor the move. For very short term, a fall is inevitable. As wave c of the current correction can plunge prices near till 244 levels. The summation is MCX Zinc is negatively poised over short term and can test the level of 244-243 levels.

 XRP/USD daily chart From the above chart, prices are moving in a sideways pattern as it trades in a range of $3.60-$0.40.  In June 2021, prices tumbled and tested the lows as mentioned above and in current month  strong bounce back is seen in this crypto currency. As par Wave theory, prices have completed wave 1 followed by wave 2 down in corrective pattern. At present it is moving in wave 3 wherein currently it is moving in wave (iii) of wave iii, so it is very clear that it is an extension within extension. The Summation is Ripple is likely to test $3.60 over short to medium term as far as $ 0.40 is intact on the downside.

 GBPINR hourly continuous chart From the above chart, prices are moving in a lower highs and lower lows and is now showing signs of resilience form the support of the falling channel. There are high chances for the pair to bounce from here and reach the resistance of the channel over short term. As per Wave perspective, prices have either completed wave a at one higher degree in tripe correction pattern (a-b-c-xa-b-c-x-a-b-c) or has completed the correction. Both the scenarios open the possibility of a bounce back. The summation is GBPINR can move near till 103-103.10 levels over short term, sustainable move above 103.30 will soar prices near till 104-104.4 levels over medium term.

 MCX Gold daily continuous chart From the above daily chart prices has given a bullish break in a falling trend line which is a positive sign and last week it was re-tested hanks to robust July NFP data which cracked gold prices. However, the fall was snapped in the weekly close, as it was well above the crucial level of 46500 levels. closing at 46930. If prices sstain above the recent low of 45800 it can reach till its immediate resistance at 47800 and a move above this level will open the possibility of 50000-51000 levels. As per wave perspective, prices are moving in corrective wave, where it has completed wave a folowed by wave b and now wave c is on the brink to start. The summation is MCX Gold prices are set to reach till 47700-47800 levels in near term and 50000-51000 over medium term with support placed at 45800 (closing basis).

 MCX Copper hourly continuous chart After successfully anticipating the recent rise and the fall, I had two possibilities either impulse or corrective and so I had marked wave i/a and wave ii/b..,  prices will take support at 725-735 levels, this did not happen as it made a low of 717 levels thereby entering the territory of wave i which is now converted to wave a. So the entire rise will be wave a followed by wave b and wave c in simple zigzag pattern. The fall followed by wave c , is corrective in nature and so it is marked as wave x, the best part of this fall was it took support where prices earlier reversed several times (marked by arrows). After that a sideways movement is seen thereby forming an inverse Head and Shoulder pattern. The breakout of the pattern will be above 740 levels which ill complete the pattern along with the falling trend line which is acting as a resistance will be breached decisively, thereby opening positive possibilities. The red metal continues to soar as

 L&T daily chart anticipated on 18th July 2021 L&T daily chart happened on 13th August 2021 In my previous article on L&T, I had mentioned that, "P rices can achieve 1660-1665 levels but it is better to have a support intact for this stock, which is placed at 1450 levels. Break of this level will falter price till 1300 levels." Prices achieved the mentioned zone of 1660-1665 levels - Anticipated Happened Click on the link to check my previous article on LT https://www.marketanalysiswithmeghmody.com/2021/07/larsen-and-toubro-elliott-wave-analysis.html Elliott Wave has been applied and has delivered beautiful results over and over the time. Combining Elliott Wave with basic technical tools is the secret sauce to get these amazing results.

 Nifty Bank hourly chart anticipated on 9th July 2021 Nifty Bank hourly chart happened on 29th July 2021 In my previous update dated on 9th July 2021, I had mentioned for Nifty Bank, " Nifty Bank is negatively poised for short term and can test 34000 in couple of trading sessions. " First of all it did not reach the level of 34000 but made a low of 34129 on 29th July 2021. Also it did not falter in couple of sessions as wave B took more time to form than anticipated. The best part is it did fall near to my mentioned level by forming a flat pattern - Anticipated  Happened Here is the link of my previous article on Nifty Bank, click on it  https://www.marketanalysiswithmeghmody.com/2021/07/nifty-bank-elliott-wave-analysis.html Currently prices are moving in a impulsive fahion, which means it is moving in (i-ii-iii-iv-v) waves. As of now it has completed wave iv and has stated wave v which can reach till 36350-36400 levels over short term. The CMP is at 36100  The summation is N

 Doge Coin hourly chart From the above chart, Doge coin is moving in a sideways to negative direction except from past 2 trading days. The crypto is forming double bottom formation and also a rounding bottom pattern both are bullish reversal patterns.  For bullish possibilities to open it is imperative for prices to breach the level of $0.30 level, this will surge price towards its next resistance placed at $0.45 level. At present, prices are placed at $0.26 more 4 cents will open the door towards $0.45. The summation is, further positive possibilities will only open once price move above $0.30, which will soar price till $0.45 levels.

 Bitcoin daily chart anticipated on 11th July 2021 Bitcoin daily chart happened on 8th August 2021 In my previous update I had mentioned for Bitcoin, " P rices can test the level of $30000 over short term followed by $44500-$44700 levels over medium term." I was anticipating the fall for Bitcoin near till $30000 and then a rise near to the immediate resistance placed at $44500-$44700, both the fall and the rise is been captured- Anticipated Happened Here is the link of the previous article which I had written on  Bitcoin, click on it https://www.marketanalysiswithmeghmody.com/2021/07/bitcoin-elliott-wave-and-neo-wave.html As per Neo Wave prices completed the diametric pattern where it fell below $30000 and then came up in an impulsive fashion to start fresh leg higher. Sustainable move above $44500-$44700 will soar prices towards its next resistance area of $51000 followed by $59500 levels. The summation is Bitcoin needs to sustain above $44500 so that it can achieve the leve