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Showing posts from September, 2021

MCX Copper in Double Correction

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 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

MCX Copper in Double Correction

Image
 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

USDINR Re-visited

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 USDINR hourly continuous chart anticipated on 18th July 2021 USDINR hourly continuous chart happened on 6th September 2021 In my previous update on USDINR I had mentioned that, "  USDINR can test 75.5 levels over short term followed by 73 over medium term." Prices went up till 75.1 and faced the resistance of the falling channel making it difficult to reach to the level of 75.5. However, the medium term view of tumbling near to 73 levels was almost achieved as it made a low of 73.1.- Anticipated Happened. Here is the link of my previous article on USDINR, click on it https://www.marketanalysiswithmeghmody.com/2021/07/usdinr-elliott-wave-analysis.html From Waves perspective, prices faltered in corrective pattern which then I have to mark as (a-b-c). This does not mean that wave Y on one higher degree is over, this can be wave a of wave Y followed by wave b ad then wave c lower. On the other hand there is also a possibility that prices have completed wave y and it is now movin