Market Analysis With Megh Mody

 USDINR spot daily chart As shown in the above daily chart, USDINR is been moving in a sideways direction mainly in the range of 77-73 levels in past two years. Currently prices are hovering near to the resistance of the upper range as mentioned above, there is high possibility that prices will dip from here to test the lower range. At present there is no change in trend, as the pair continue to move in a rising channel. However, there is a Neo Wave pattern in making which is a possible reversal pattern.  After completing wave W at 72.25, prices moved higher in a complex correction pattern (w-x-y). In wave y there is a high possibility where Neo Wave Extracting Triangle is in making, which will complete wave X and then wave Y will eventually turn prices down towards 73-73.5 levels minimum, it can go down further as well. The summation is USDINR is all set to reverse and possibly hit the level of 73-73.5 levels over short term, only if it does not go above the 76.5 levels (spot).

 MCX Crude Oil daily continuous chart As shown in the above daily chart, prices are moving in higher highs and higher lows and it is precisely moving in a rising channel. Currently prices have arrived near to the resistance of the channel and it seems that upside is not capped. I have used Neo Wave Analysis to understand the possibility for Crude Oil prices I firmly think prices after hitting in negative terrain has moved up in an impulse structure and the first wave is undoubtedly is extended. To support this wave 2 need not go below 38.2%, here in this case it is above 23.6% of wave 1. Wave 3 which is either ongoing or over, is well below 61.8% from wave 1 to wave 2, currently at 50%, it can go up or might be over. In this case wave 4 will be simpler and easy to identify. Basically should not enter in the terrain of wave 2 which is at 6500 levels (as per Neo Wave rule). Wave 5 will be way shorter than wave 3 and will eventually fuse out close to 7800-8000 levels. The summation is MCX

 MCX Gold Daily chart From the above chart, prices are moving in a higher highs and higher lows and it is precisely moving in a rising channel. Gold which is a safe haven has seen a stupendous rally on the back of Russia - Ukraine crisis, which soared the yellow metal above 3% on a single day. On the other day the rally was knackered and as a result it closed below the low of the previous day.  As per wave theory, prices which earlier I thought is moving in a triangle pattern has now unfolded in a regular flat pattern where wave b has gone well above 61.8% of wave a. I think wave c lower has started and there is a high possibility for the c wave to reach till 45000-44000 levels over short to medium term. To embellish wave c has the possibility to fail. The summation is MCX God is all set to plunge till 45000-44000 over short to medium term.

 Nifty 60 mins anticipated on 7th Feb 2022 Nifty 60 mins chart happened on 24th Feb 2022 In my previous update on Nifty, I had mentioned that, "  Nifty is all set to plunge to test 16400-16000 levels over short to medium term." Nifty faltered as per my view and made a low of 16200 which was in the range mentioned by me - Anticipated Happened To check my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/02/nifty-elliott-wave-analysis.html The benchmark has arrived near crucial support and can bounce back, this can eventually turn into complex correction and so wave x can move higher from here till the resistance of the falling channel or can start a fresh leg higher, crossing all the hindrances. The summation is Nifty is set to soar from here near till 17600-17800 levels over short to medium term.

 USDINR 60 mins spot chart anticipated on 23 Feb 2022 USDINR 60 mins spot chart happened on 24 Feb 2022 In my previous article on USDINR, I had mentioned that, " The summation is USDINR is all set to soar till 75.7 over short to medium term." Prices made a high of 75.69 today thereby achieving my mentioned level - Anticipated Happened You can see my previous article on USDINR, for that just click on the below link https://www.marketanalysiswithmeghmody.com/2022/02/usdinr-elliott-wave-analysis.html I was expecting wave c higher despite of showing two probabilities, Now as wave c might have completed, chances are high that prices will change the trend by moving sideways and later continue the major trend.  I will continue to monitor this uptrend and will update as and when there is a major reversal. My targets in this currency pair is done.

 USDINR 60 mins spot chart The currency pair is moving in a very different Elliott Wave pattern and I have been scratching my head to find out the probability of the next wave to unfold. However, in my previous articles of USDINR I thought it will cross its previous ATH but after looking the current pattern, I think it will NOT. In USDINR I have come up with 2 scenarios 1st Scenario: Prices are moving in a complex correction where it has ended wave a at 75.3 followed by wave b in a w-x-y pattern at 74.32 and now it awaits for wave c to go higher. 2nd Scenario: The pair has completed wave a at 75.75 followed by wave b at 74.32 and wave c higher 75.70 over short term. The summation is USDINR is all set to soar till 75.7 over short to medium term.

 GBPINR 60 mins spot chart GBPINR is moving in lower highs and lower lows and it is precisely moving in a falling channel, this opens negative possibilities. Prices have arrived near to the resistance of the channel and there are high chances for it to reverse from current levels. As per wave theory, prices are moving in a triple correction as discussed earlier, where it completed wave x for the second time and now it has opened wave a of the third correction which can falter till 99.5-99 levels (spot) To see my previous article on GBPINR click on the below link GBPINR: Triple Correction? https://www.marketanalysiswithmeghmody.com/2022/01/gbpinr-triple-correction.html GBPINR: Anticipated Happened https://www.marketanalysiswithmeghmody.com/2022/02/gbpinr-anticipated-happened.html The summation is GBPINR is all set to plunge till 99.5-99 levels over short to medium term.

 Bharti Airtel daily chart The telecom stock is moving higher by crossing its previous high, thereby opening positive possibilities. However, prices have arrived near the resistance of the rising channel which indicates caution. Prices here are forming a distribution pattern and can reverse any time soon. From waves perspective, prices are moving in a complex correction (w-x-y). I have marked w-x-y but it can also be w-x-y-x-z counting. I think in my wave y prices are forming Neo wave diametric pattern (a-b-c-d-e-f-g), where wave g is in making and once it is over, prices will correct thereby completing the complex correction. The summation is Bharti Airtel can move sideways from here and then reverse correcting till 620-610 levels over medium term.

 EURINR 60 min spot chart EURINR is moving in a lower highs and lower lows which opens negative possibilities. Recently it tested the level 86.5 (spot) and thereby moving down in a stealth downtrend. The pair is negatively poised and it is set to move down from current levels. As per Waves perspective, prices are moving in corrective wave where it completed wave a in complex correction, wave b in regular flat pattern and wave c has just opened up. This wave c can drag prices near till 81 levels over short term. The summation is EURINR is negatively poised and can test the level of 81 over short term.

 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.

 Crude Oil 60 mins chart  Prices are moving in a higher highs and higher lows and is precisely moving in a rising channel. However, the black gold has faced the resistance of the channel and it is reversing, breaking the smaller supports. The short term trend is now negative and prices can retrace towards crucial  supports in coming trading days. From Waves perspective, Crude Oil has completed wave iii of impulse and it is all set to dive to complete wave iv. This wave iv can test $86 to 84 $ over short term where wave (iv) of wave iii is placed. If it holds this level there is a high possibility for wave v to open. The summation is Crude Oil can move down till $86-$84 over short term.

 Tata Steel daily chart Tata Steel is moving in a higher highs and higher lows which is a positive sign and can continue to do so once the correction which is ongoing will complete. The intermediate trend is negative as prices are correcting but the longer time frame is positive. There are also high chances that the longer time frame change to negative from positive, only if it breaks the important support of 750 levels. As of now the focus will be the minor correction which is ongoing and can move down till 1000 levels over short to medium term. As per wave theory, prices are moving in correction pattern after forming wave 3. This correction pattern probably introduced wave x, converting it into complex correction (a-b-c-x-a-b-c). If wave x is formed at 1258, then prices are all set to plunge till 1000 levels. On a longer time frame I am opening two scenarios Scenario 1: Prices are moving in impulse pattern where wave 1, wave 2 and wave 3 is over after that prices are moving in wave 4

 MCX Silver daily continuous chart From the above daily chart, prices are moving in a sideways direction and it seems the range which it was earlier moving in narrowing, thus opening the possibility of symmetrical triangle pattern. As per Wave theory, prices are moving in complex pattern where the last leg is in symmetrical triangle pattern where it is in the final leg of triangle i.e wave e. in wave e there is a possibility of a triangle as well, once this pattern is complete, prices are expected to tumble. The summation is MCX Silver is all set to nose dive once the level of 60000 is broken which can accelerate selling pressure tumbling till 46000-45000 levels.

 Gail 60 mins chart anticipated on 9th Feb 2022 Gail 60 mins chart happened on 13th Feb 2022 In my previous update I had mentioned that, " Gail is negatively poised an can falter near till 140-138 levels over short term." Prices plunged below 138 levels thereby achieving my mentioned level - Anticipated Happened The stock has completed wave b as expected in irregular flat pattern and it is all set to move higher in the form of wave c which can move till 152-155 levels over short to medium term. The summation is Gail looks positive over medium term to test 152-155 levels.

 USDINR 60 mins spot chart anticipated on 24th Jan 2022 USDINR 60 mins sport chart happened on 15th Feb 2022 In my previous update of USDINR, I had mentioned, "  USDINR is firmly positive and can move near till 75.6-75.7 levels once the level of 74.7 is decisively crossed and sustained." Prices achieved the above mentioned level of 75.7 (spot) on 15th Feb 2022 and reversed from there - Anticipated Happened. To read my previous article on USDINR: Inverse Head and Shoulder Pattern click on the below link https://www.marketanalysiswithmeghmody.com/2022/01/usdinr-inverse-head-and-shoulder.html Currently prices are moving in complex correction which is (a-b-c-x-a-b-c) this can be wxy eventually or can be simple a-b-c and the current fall is wave x. In both the scenarios, prices will continue to surge and possibility is high it can transcend its ATH.

 GBPINR 60 mins chart anticipated on 20th January 2022 GBPINR 60 mins chart happened on 11th February 2022 In my previous update for GBPINR, I had mentioned that, " GBPINR is mildly positive and can find resistance at 102-102.5 levels over short term." The pair moved as per the prognostics and reached the mentioned level of 102.5 on 11th February 2022 - Anticipated Happened. To read my previous article on GBPINR dated 20th January, you can click on the below mentioned link  https://www.marketanalysiswithmeghmody.com/2022/01/gbpinr-triple-correction.html GBPINR was trading in a corrective fashion after bouncing form the lower end of the falling channel. Prices were likely to move either in three waves or complex waves towards it resistance.

 EURINR 60 mins chart anticipated on 2nd Feb 2022 EURINR 60 min chart happened on 10th Feb 2022 As mentioned in my previous update about EURINR, the pair moved in similar fashion as expected. I had mentioned on 2nd Feb about this pair, " EURINR is all set to move higher till 86.4-86.6 over short to medium term with support at 83.2." The pair made a high of 86.3 on 10th Feb 2022 and is now showing signs of reversal. It is still early to come to a conclusion that the pair has reversed - Anticipated happened. To read my previous article on EURINR: Elliott Wave Analysis you can click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/02/eurinr-elliott-wave-analysis.html Prices after forming wave a and wave b in a regular flat pattern, it was expected that wave c will come close to wave a end , this has exactly happened in the above chart and I was successful in capturing the trend.

 MCX Metaldex 60 mins anticipated on 2nd Feb 2022 MCX Metaldex 60 mins happened on 9th Feb 2022 In my previous update I had mentioned that, " MCX Metaldex is positively poised and can surge till 18600-18700 levels as far as 17850 is protected." Prices made a high of 18900 levels in the opening session today, thereby achieving my above mentioned level- Anticipated Happened. Here is the link of my previous article https://www.marketanalysiswithmeghmody.com/2022/02/mcx-metaldex-elliott-wave-analysis.html The index is moving in wave ((v)) of wave (iii) which is likely to be extended and can soar further. I am monitoring the price movement and will update timely.

 Gail 60 mins chart From the above chart, prices are moving in a sideways direction esp in a range of 150-138 levels. Recently prices tested the resistance of the range and it is now all set to test the support of the range. As per Wave Theory, prices are moving in a corrective pattern, where it completed wave a at 148.5 levels followed by wave b in a irregular flat pattern which is still ongoing. In wave b it has completed wave a and wave b and currently moving down in impulse as wave c of wave b, which can terminate at 140-138 levels. The summation is Gail is negatively poised an can falter near till 140-138 levels over short term.

 Sand/USD 15 mins chart  As shown in the above chart, prices are moving in a higher highs and higher lows which is a positive sign and can move higher as far as it persists in the rising channel. Also the cryptocurrency has completed bullish cup and handle pattern thus opening further positive possibilities. The level of $4.2 will act a a crucial support (polarity reversal). Wave theory suggests, prices have started wave {3} where wave i of wave {3} is completed, this means wave ii can dip prices near to $4.2 followed by wave iii of wave {3}. The summation is SAND/USD is all set to soar near till $5.6-6 over short to medium term.

 Nifty hourly chart As shown in the above chart, Nifty is moving in a complex correction and to decode it, I have come up with plausible scenario. To put it in a basic way, prices have failed to cross its previous all time high and has started moving lower. To embellish prices are as of now moving in a rage of 18800-16400 levels. Recently it managed to test its previous highs or near to it, now there are high chances for the index to test the support. From Waves perspective, prices are moving in a (w-x-y) pattern, where prices have completed either wave a/w at 16400 followed by wave b/y and now it is moving down in form of wave c/y. This current ongoing wave can test 16400-16000 levels over short term. The summation is Nifty is all set to plunge to test 16400-16000 levels over short to medium term.

 DLF 60 mins chart anticipated on 24th January 2022 DLF 60 mins chart happened on 27th January 2022 In my previous update on DLF I had mentioned that, "  DLF is negatively poised and can falter towards 360-350 levels over short term." Prices faltered towards 362-363 levels, close to my level - Anticipated Happened. I was expecting an impulse fall and so has anticipated wave iii followed by wave iv and then wave v lower, the stock plunged as per the prognostics and reversed from crucial support mentioned above.

 EURINR spot hourly chart As seen in the above hourly chart, prices have reversed from the lows and have shown a remarkable resilience. This can be a bounce or a reversal which will depend once we unfold the wave counts. From Waves perspective, prices have completed wave a in a corrective wave at 86.7 followed by wave b in a three wave complex correction (w-x-y) at 83.2 and now it is unfolding wave c which is impulse in nature. This entire correction is a irregular flat pattern in which wave c can go till 86.4-86.6 (spot). The summation is EURINR is all set to move higher till 86.4-86.6 over short to medium term with support at 83.2.

 MCX Metaldex continuous hourly chart MCX Metaldex is moving in a higher highs and higher lows and it is moving precisely in a rising channel which is a positive sign. Prices have recently broken a small falling trend line which opens further positive possibilities. As per Wave theory, prices are moving in an impulse fashion, where the current wave is in wave iii in which wave (iii) is extended and in wave (iii). At present wave (iii) final leg is pending which can soar till 18600-18700 levels. Currently it is trading at 18235. The summation is MCX Metaldex is positively poised and can surge till 18600-18700 levels as far as 17850 is protected.