Market Analysis With Megh Mody

 ETH/USD daily chart From the above daily chart of ETH, it is very visible that prices are moving in a lower highs and lows. Also prices are below the falling trend line which is a negative sign. However, as per wave theory, if this trend line is broken which means a bullish break can be seen, I will no be bullish unless there is a follow up action providing confirmation. So I have placed my wave counts with possible scenarios. The first fall can be seen as wave a which is impulsive in nature. So if this is wave a of zigzag then wave b is unlikely to move above 61.8% of wave a. In wave b wave wave a and wave b is over and wave c can surpass wave a of wave b which can move till $2900-3000 levels.  If wave b continues to move above $3600 level then the first scenario will be negated and another impulse will start. 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

 Nifty daily chart anticipated on 22nd May2021 Nifty daily chart anticipated happened on 28th May 2021 In my previous update dated 22nd May, I had mentioned for the benchmark, " Nifty is positively poised and can surge from current levels near till 15450-15480 levels . Any retracement near to 14900-14800 will be a buying level." Nifty tested the above mentioned levels on 28th May, thereby achieving the target- Anticipated Happened. The previous article on Nifty can be viewed by clicking on the link https://www.marketanalysiswithmeghmody.com/2021/05/nifty-diametric-pattern.html I have combined Elliott Wave and Neo Wave to come to the conclusion to anticipate the future direction of the index. You can also do it by learning Wave theory with me in my one month webinar. Don't miss this webinar which is going to start from June. 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 condu

 GBPINR hourly continuous contract From the above hourly chart of GBPINR it is very clear that prices have given a bearish break after consolidating in a stiff range. The consolidation which happened in between 104-103.3, was a symmetrical triangle pattern, this now opens the possibility for the pair to sink going ahead. As per wave theory, prices have completed wave a, followed by wave b in a triangle pattern and wave c which can now test till 102.5 or even lower over short term. 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 applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/- Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical applicat

 Doge Coin daily chart As shown in the above daily Doge Coin, a crypto which has shown signs of wave theory applying, I have tried to be fair and just in applying over it. It is very clear that prices are moving in a higher highs and higher lows. Also to discontinue this pattern, it is imperative for prices to break its previous low, which in this case it is least likely. Daily RSI which was in highly overbought terrain has relieved from it. The Crypto has a support placed at $0.2580 which I think should hold and show signs of reversal, the other way to look at it is wait for the bullish break in falling channel $0.4100 will be a buying opportunity. From waves perspective, prices are moving in an impulse fashion in which it has completed wave i and wave ii and now it has started moving in wave iii which is extended and I think it will complete wave (ii) of wave iii and start wave (iii) of wave iii soon which can soar it till $1.20. The summation is Doge Coin has crucial  support

 Nifty daily chart From the above daily chart, the index has given a bullish break after crossing and closing decisively above the trend line resistance. Also the trend which was earlier negative has turned positive as prices have started moving in a higher highs and higher lows. Daily RSI is well above the 50 level which is in a positive terrain. As per Wave theory, I thought prices were moving in double correction (a-b-c-x-a-b-c) has eventually turned into a diamond shape diametric pattern (a-b-c-d-e-f-g), a seven legged pattern. The last leg wave g has failed, which resulted into a dynamic rally. The summation is Nifty is positively poised and can surge from current levels near till 15450-15480 levels . Any retracement near to 14900-14800 will be a buying level. 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 applied on all free floating markets.

 Power Grid daily chart From the above daily chart, the stock is moving in a rising channel, but recently it faced the resistance of the channel and reversed which possibly opens plunging of the stock towards its support. As it can been seen prices are moving in a small falling channel, where it is reversing from its resistance and can move down towards it support, where the support of the rising trend line is place, popularly known as confluence zone As per Wave theory, prices have moved up in a three wave structure and from there it is correcting in a three wave structure (a-b-c). Wave c is pending on the downside which can drag prices near till 200-198 levels, to complete either wave x at on higher degree or wave a on a smaller degree. The summation is Power Grid has a crucial resistance at 220 and can move down from here till 200-198 levels over short term. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted

 MCX Zinc daily continuous chart As shown in the above daily continuous chart of MCX Zinc, prices are moving in a rising channel which is a positive sign. As far as higher highs and higher lows are intact the bias for this base metal will be positive and there are high chances for this counter to cross its previous high of 241.2 levels. It is every evident that the lower rising trend line which is providing the support for this metal is crucial. Prices are trading above this trend line, if it persists above the crucial trend line support, prices are expected to soar. From waves perspective, prices are moving in an impulse fashion, where wave 3 is extended in which 3 rd of iii rd is extended, particularly known as extension within extension. Prices are on the brink to complete wave 3 in which wave v is pending which can cross 241.2 levels and touch 242-243 levels. The summation is MCX Zinc is firm uptrend and it is expected to test the level of 242-243 levels as far as 234 is int