Market Analysis With Megh Mody

In the above daily chart of Zinc mini, prices are moving down in a lower high and lower fashion especially after making bearish head and shoulder pattern. As of now prices have gone down to test the level of 140, but there is a resilience coming from lower levels. There is a high possibility for prices to move near to 146-149 levels where the resistance of the big falling channel is placed. However, MACD histogram is still in negative territory. As per wave theory, the base metal has either completed wave iii or on the brink to complete wave iii which will open wave iv higher near to 146-149 levels followed by wave v lower. The summation is, prices are expected to take a breather which can soar it near till 146-149 levels as far as level of 139 is intact on the downside. Learn ElliottWave and NeoWave in my 4 day course. Classroom training and webinar both available. Classroom training is in Mumbai at Vile Parle and Borivali near station. The fees for the same will be R

Nifty Daily chart Nifty hourly chart Nifty has witnessed some easing after dynamic fall in last one month. Prices have shown strength at the end of the previous week which is giving some hope to the bulls. However, it will be early to say that it is a reversal. Nifty has reversed from 80% of the previous up move (marked with black horizontal line) which was 7500. From there it moved up and conquered 9000 mark but closed at 8660 levels. There are chances that it will move down from current levels and test 8500-8400 levels but it will not go below 7500. After testing the above level prices are poised to move higher. RSI is relieving from the oversold zone. From hourly chart, the index had seen overhead supply at 9000 mark which dragged prices way lower after breaking the falling channel. As of now it is moving above the rising trend line as can be seen in the chart. It is possible for it to break this trend line which can be termed as bear trap and then it will surge.

MCX Silver Daily chart MCX Silver hourly chart As shown in the daily chart of Silver, prices have seen resilience from the lower levels where cluster of supports were placed (marked by horizontal black line).The bounce from the support seems to be strong and it is unlikely that it will fade soon. RSI in daily has started moving higher bouncing from the oversold territory. In hourly chart, the bullion has started moving in a higher highs and higher lows which is a positive sign. Also RSI has relieved from the oversold zone which can now move prices higher. As per wave theory, Silver has completed wave b of wave b and is now moving in the form of wave c of wave b which is impulse in nature. The possibility for prices to react near till 100% of previous wave a is likely. The summation is Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term. Learn Elliott W

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As shown in the daily chart of USDINR, prices continue to move in a positive direction as by crossing its previous highs which is a positive sign. Last week it failed to move below 73.8 and as a result prices moved higher, thus indicating that the trend is positive. I would recommend to stay cautiously positive for this pair. In hourly chart, Prices are moving in a rising channel, as far as prices persist in this channel the bias continues to be positive. Only breach of this channel will on the downside will open negative possibilities. It is imperative that prices break the level of 74.55-74.5 which can drag prices lower. RSI continues to exhibit negative divergence. As per wave theory USDINR is either moving in a zigzag pattern or an impulse fashion. The best way to know is its internal counts. As of now wave v of wave c/iii has started and can end soon as it is near to 100% of wave a/i. Once this ends and the level of 74.55-74.5 is broken, prices will start new leg dow

EURINR on the daily chart is moving down by breaking its previous day low and failing to cross its previous day high (closing basis), this represents that the pair is in stealth downtrend and can even move down further. RSI is below 50 now which means it is in negative terrain. In hourly chart, prices can move higher from current juncture and will face resistance at 81.20-81.3 levels. Once it will comes close to the hurdle there will be resumption of the major trend which is down. Prices are poised to break its previous low of 80.34 and can falter near till 79.3 to 79 levels. RSI in hourly chart has relieved from oversold terrain and can change direction soon. As per wave theory, the pair has started moving down in wave iii which is extended, this will also open wave iv and wave v lower. The summation is, prices will continue to plunge till 79.3 to 79 levels with resistance placed at 81.2-81.3.

GBPINR continuous daily chart GBPINR Continuous daily chart In my previous update dated on 16th March 2020, I had mentioned, “prices are firmly in a negative trend and can stumble till 92 followed by 91 with crucial resistance placed at 95.30.” The pair failed to move above 95.3 and opened with a gap down on Monday accelerating the selling pressure which dragged prices lower till 86.23 levels thus achieving my mentioned level- Anticipated happened. From above chart of GBPINR, prices bounced from the low of last week and closed much higher than the close. It is to my knowledge that prices have relieved from the oversold terrain and can resume its downtrend. The gap of Thursday was filled on Friday which is also likely to face the resistance. As per wave theory, I think wave iv is on the brink to complete and wave v will move down very soon. It is unlikely for the price to move above 90.1. The summation is, the pair will reverse the direction to shed all the