Market Analysis With Megh Mody

This excerpt is taken from our daily publication "The Forex Waves" dated 8th March 2016 , In which we had mentioned that “ resilience can be observed in this pair which can take prices near till 96.60 levels over short term.” The pair on 11 th March 2016 made a high of 96.61 thus achieving our above mentioned level. GBPINR which is negatively poised is currently showing some strength in order to relieve from the oversold zone. It can possibly reach near to the resistance of the falling black channel which is placed at ... levels. As per Wave theory, prices are moving in a .... pattern. The current up move is slow which can be termed as wave .., also it is corrective in nature. This leg can extend going ahead as it is clear that wave ... of wave ... has open up. In short, we will continue to be .... in this pair as it can move near to ... levels. GBPINR Anticipated on 8th March 2016 Happened on 11th March 2016

In last six sessions USDINR has dropped from 68.80 to 67.07 levels thus shedding 2.51%. However, the channelized move continue to suggest that the trend is positive, but it is clearly stating that the channel support will be tested and can possibly break going ahead. Last week the retracement from the top was faster, thus engulfing previous four week bars on weekly charts, indicating that the trend has changed from positive to negative for this pair. The next support will be at 66.50 levels. Any move below the support of the channel will open further negative possibilities and can start stealth bear trend. From wave perspective, prices from the bottom of 2014 till the top of 2016 moved in a complex correction pattern. The recent three legs before the steep fall completed wave... of wave ... of wave... Now the next leg on downside has started. In short, after breaching 67.50 levels, prices now can test the level of 66.50 going ahead. Any move below .... will make this pair

As shown below in the daily chart,  BHEL has shed almost 70% from its top of 289 made in July last year. However, in last three trading sessions prices have started moving higher by crossing its previous day high. The Demand index which is a leading indicator of prices change is also above the level of 50 thus indicating change in price trend. As per Wave theory, prices moved down in a ... leg formation, particularly known as ... . It probably completed its ... at the level of ... and has started moving in a .... In short, as far as prices are above ... levels, expect prices to move till ... levels over short term Daily Chart of BHEL We are now coming out with 2 day paid course of Elliott Wave and Neo wave theory. It will 14 hours session equally divided in 2 days. The session will be on 12th and 13th March 2016. The course fee will be 6000/-. It will be a webinar. The requirements for the webinar will be Team Viewer 7, Yahoo messenger and Headphone and Mic. I

In my previous update " MCX Natural Gas to halt its rally " dated 12th January 2016, I had mentioned that " Break of rising channel opens bearish possibilities, as the support of the channel is at 159, Nat Gas is expected to shed gains. Currently prices are quoting at 155 levels .  The counter wave will be a three wave structure (a-b-c) and can move in a range of 146-150 levels.  In short, expect prices to fall  till 146 levels going ahead." Nat Gas moved lower near till 138 in the month of January 2016 thus achieving our mentioned level of 146. Later it faltered till 120 levels in late February 2016. Prices are moving above the declining red channel and it is possibly consolidating above it. The bias which was also mentioned earlier is positive but will face counter rally, looks to stay for sometime. As per Neo wave, prices are forming a diametric pattern, in which it has possibly completed wave e and will move up near till 140 levels to complete wave f,

MCX Crude which was moving in a declining channel has finally given a positive breakout. However, prices still face a hurdle of 2350 levels. RSI on daily chart has also exhibited positive divergence which indicates that prices are poised to give some resilience.  From Wave perspective, the first correction was a double corrective pattern (a-b-c-x-a-b-c) which was completed at 1902 levels. The current up move as of now is a (a-b-c) pattern. Where wave c has unfolded.  This current b wave is in irregular flat pattern which has (3-3-5) waves in it. As per Fibonacci projection, the last leg of irregular flat pattern can extend till 161.8% of wave a and b, which is place at 2532. In short, a classical channel bullish channel breakout followed by throw over indicates that momentum on the up side still persist. Prices can test the level of 2500 over short term. MCX Crude Daily chart 1st month contract

Aluminium, after forming a low of 94 in the month of October last year, has started moving in a positive direction. However, the upside momentum is slow and can soon move in a sideways direction. As per advance Elliott Wave theory, the recent up move is a bow and tie diametric pattern in which it has completed wave e and will now move down in the form of corrective pattern to complete wave f, followed by wave g on the up side. The previous leg was a diamond shape diametric where wave g was completed in the month of October. The current diametric formation can be termed as bigger wave x. In short, as of now prices can move down near till 101-99 levels, followed by another leg on the upside to complete one bigger wave. MCX Aluminium Daily Chart 1st month Contract.

Lead in last four trading sessions witnessed a free fall which has retraced in faster time. Prices are moving in a lower high and lower low which is a first indication that the trend is in a bear phase. Secondly it is precisely moving in a declining red channel. Lead, recently reversed from the resistance of the red channel and can possibly form another pattern.  As per Neo wave, from the fall of 2013 prices were moving in a bow and tie diametric, which has seven waves in it (a-b-c-d-e-f-g). The last leg i.e. wave g completed at 107 in the month of August last year. Then it formed a 3 wave structure which is complex in nature and has possibly ended wave x at 126 in the month of February 2016. The current fall will be wave a of another pattern which will unfold over the time. In short, prices can move down steeply near till 105 levels or even below that. A close watch is essential for this metal to understand the pattern structure. Lead Daily chart 1st month contract