Market Analysis With Megh Mody

 MCX Silver daily continuous chart anticipated on 15th March 2022 MCX Silver daily continuous chart happened on 1st September 2022 In my previous update on 15th March, I had mentioned that Silver is  poised to falter till 50000 levels over short to medium term. The bullion after completing the pattern has tumbled till 51551 levels. When I wrote this article in the month of March the CMP of Silver was at 68000. - Anticipated Happened Here is the link of my previous article on MCX Silver, click on the below link to read https://www.marketanalysiswithmeghmody.com/2022/03/mcx-silver-symmetrical-triangle.html As per Wave theory, Silver prices can dip further and even break the level of 50000 levels and test 48000 levels over short term. As prices have completed wave i and wave ii is on the brink to complete, wave iii can break its previous low going ahead. The summation is MCX Silver is negatively poised and can test 48000 over short to medium term.

Dow Jones DJIA 1 hour chart Analysis As shown in the above chart, prices are moving in a lower highs and lower lows formation and it is precisely moving in a falling channel, indicating that the trend of the index is weak and it is set to plunge going ahead. MACD has given a sell signal and it continues to remain in the negative terrain which is a negative sign for the benchmark. From Waves perspective, prices are moving either in complex correction (w-x-y-x-z) which looks to be difficult to accept or in (A-B-C) pattern. After completing wave B, prices have started wave c lower in which it has completed wave i and wave ii and has recently opened wave iii which will be violent in nature. The summation is Dow Jones is set to plunge at least till 28500-28400 levels over short term.  

 MCX Gold daily continuous chart The yellow metal has shown immense strength over past 6 years. However, this year due to rate hike concerns Gold has shed most of the yearly gains of 2022. The rate hike is going to stay here for some time as far as inflation remains at 4 decades high. FED will ensure it comes close to their target of 2% which is not possible at least for a year to come. Elliott wave suggests that prices have completed wave 3 around 60000 mark and there by in complex correction prices are moving in wave 4. Currently prices are moving down in wave y of wave 4 and can test 48000 or go even lower going ahead.