Market Analysis With Megh Mody

 MCX Copper hourly continuous chart anticipated on 13th Mar 2021 MCX Copper hourly continuous chart happened on 19th Mar 2021 In my previous update dated 13th Mar 2021, I had mentioned for MCX Copper, " MCX Copper can move down till 660 levels once the level of 674 is broken accelerating selling pressure. Failure to protect the level of 687 will open positive possibilities." Prices slumped till 660 levels marking a low of 659 on the last trading day of the week once the level of 674 was broken. Anticipated Happened To read the previous article on MCX Copper here is the link https://www.marketanalysiswithmeghmody.com/2021/03/mcx-copper-elliott-wave-analysis.html Now since it has completed wave a-b-c pattern it is now clear that the red metal will travel north o form another pattern. This means the first correction fallen from the highs was wave a at one higher degree, so now wave b will start or  might have started which can soar prices. So wave a of wave b can move up  till 6

 Nifty hourly chart anticipated on 13th March 2021 Nifty hourly chart happened on 19th March 2021 On my previous update mentioned on 13th March 2021, I had mentioned for Nifty, " Nifty is all poised to move down once the level of 14900 is broken which can drag prices till 14400-14300 price zone." Nifty after breaking 14900 stumbled till 14350 levels which was marked on 19th March and was also the mentioned level falling in the price zone of 14400-14350 levels. Anticipated Happened For reading the previous article on Nifty, click on the link https://www.marketanalysiswithmeghmody.com/2021/03/nifty-elliott-wave-analysis.html Nifty is now moving in a falling channel and it has shown signs of reversal from the support of the channel and also the falling trend line which was acting as a cruical resistance is broken which opens positive possibilities. This states that the index can move higher from current levels near till 15100-15200 levels where the resistance of the channel is p

 MCX Zinc daily continuous chart MCX Zinc hourly contiuous  As shown in the daily chart, MCX Zinc is moving precisely above the rising trend line and also forming higher highs and higher lows which is a positive sign. At present the metal is trading near the support of the trend line and can bounce from current levels to test its previous high. RSI is hovering between the center line. From hourly chart, prices have not discontinued the positive pattern and so there are high chances for the metal to move higher from current support area. However, RSI is in overbought terrain which will make the counter move sideways to negative in the early week but can reach till or near to its previous high As per Wave theory, after completing wave v higher, prices moved down in complex correction (a-b-c-x-a-b-c) and completed wave a. Currently it is moving in wave b in which it has completed wave a and wave b, this opens wave c higher which can travel till 7836-80% of the recent fall which comes to 2

 Wipro daily chart From the above chart, the IT stock which was persisting above the rising trend line has given a bearish break by trading below it. Also to embellish, prices have discontinued the higher highs and higher lows formation which is making the formation weak. As per Wave theory, prices are moving in a complex correction (w-x-y-x-z) where in wave z there is a descending triangle pattern. The breakout of the triangle is bearish thereby confirming a topping process and also end of wave z. Now the stock can plunge near to about 370 levels over short term with immediate resistance at   416 levels. Elliott Wave is difficult to practice, but you can learn with me the theory along with its practical applications. The one month webinar is going to start from April, the details are mentioned below. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be appl

 ACC daily chart From the above daily chart of ACC, prices are moving in a higher highs and higher lows which clearly indicates that the trend is firmly positive. However, prices are moving in a distribution pattern which is known as rising wedge pattern. The pattern is accompanied by negative divergence in RSI indicating halt in positive momentum.  From Waves perspective, the stock is moving in an ending diagonal pattern which arrives in wave v. Thus opening the possibility of correction. Prices are set to dive in coming trading sessions near about 1640. Manually counting waves is difficult task, but with the help of proper application of theory put into practice you can not only count but forecast with me in my one month exclusive webinar. The webinar is all set to start from April 2021, the details are mentioned below. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. Th

MCX Copper continuous contract hourly chart   From hourly chart, the red metal is now moving in a lower highs and lower lows and persisting below the falling trend line which is a negative sign. At present, it is hovering near to the resistance of the trend line and can move down from there in coming trading sessions. After falling from the top, prices are now moving in a sideways direction which can be a symmetrical triangle and once there is a breakout in a triangle pattern, a clear trend can be seen. The metal can give a trending break in either side. As per Wave theory, prices completed wave a, currently I is moving in wave b which is forming a triangle pattern, this opens wave c lower. However, any move above 687 will negate the downside target and the trend will change from down to up. The summation is MCX Copper can move down till 660 levels once the level of 674 is broken accelerating selling pressure. Failure to protect the level of 687 will open positive possibilities.

 Tata Power daily chart Tata Power hourly chart As shown in the daily chart, Tata Power is moving up by crossing its previous high. To embellish, the angle of the rising channel are becoming steeper and steeper which gives an indication that the trend is becoming stronger. From hourly chart, the stock is has given a bullish break in a symmetrical triangle pattern and can move higher from current levels. However, it has arrived to the resistance of the channel, from where it has reversed several times. There are chances it might go sideways to negative but will make a new high before reversing. From Waves perspective, wave i and wave iii are equal, at present it is moving in wave v in which it is extended. Wave iii of wave v is extended and so it has either completed wave iii of wave v and wave iv lower will start followed by wave v of wave v higher. The second scenario will be wave v to extend which looks least likely, but still open. The summation is Tata Power is firmly positiv