Market Analysis With Megh Mody

 XRP/USD daily chart From the above chart, prices are moving in a sideways pattern as it trades in a range of $3.60-$0.40.  In June 2021, prices tumbled and tested the lows as mentioned above and in current month  strong bounce back is seen in this crypto currency. As par Wave theory, prices have completed wave 1 followed by wave 2 down in corrective pattern. At present it is moving in wave 3 wherein currently it is moving in wave (iii) of wave iii, so it is very clear that it is an extension within extension. The Summation is Ripple is likely to test $3.60 over short to medium term as far as $ 0.40 is intact on the downside.

 GBPINR hourly continuous chart From the above chart, prices are moving in a lower highs and lower lows and is now showing signs of resilience form the support of the falling channel. There are high chances for the pair to bounce from here and reach the resistance of the channel over short term. As per Wave perspective, prices have either completed wave a at one higher degree in tripe correction pattern (a-b-c-xa-b-c-x-a-b-c) or has completed the correction. Both the scenarios open the possibility of a bounce back. The summation is GBPINR can move near till 103-103.10 levels over short term, sustainable move above 103.30 will soar prices near till 104-104.4 levels over medium term.

 MCX Gold daily continuous chart From the above daily chart prices has given a bullish break in a falling trend line which is a positive sign and last week it was re-tested hanks to robust July NFP data which cracked gold prices. However, the fall was snapped in the weekly close, as it was well above the crucial level of 46500 levels. closing at 46930. If prices sstain above the recent low of 45800 it can reach till its immediate resistance at 47800 and a move above this level will open the possibility of 50000-51000 levels. As per wave perspective, prices are moving in corrective wave, where it has completed wave a folowed by wave b and now wave c is on the brink to start. The summation is MCX Gold prices are set to reach till 47700-47800 levels in near term and 50000-51000 over medium term with support placed at 45800 (closing basis).

 MCX Copper hourly continuous chart After successfully anticipating the recent rise and the fall, I had two possibilities either impulse or corrective and so I had marked wave i/a and wave ii/b..,  prices will take support at 725-735 levels, this did not happen as it made a low of 717 levels thereby entering the territory of wave i which is now converted to wave a. So the entire rise will be wave a followed by wave b and wave c in simple zigzag pattern. The fall followed by wave c , is corrective in nature and so it is marked as wave x, the best part of this fall was it took support where prices earlier reversed several times (marked by arrows). After that a sideways movement is seen thereby forming an inverse Head and Shoulder pattern. The breakout of the pattern will be above 740 levels which ill complete the pattern along with the falling trend line which is acting as a resistance will be breached decisively, thereby opening positive possibilities. The red metal continues to soar as

 L&T daily chart anticipated on 18th July 2021 L&T daily chart happened on 13th August 2021 In my previous article on L&T, I had mentioned that, "P rices can achieve 1660-1665 levels but it is better to have a support intact for this stock, which is placed at 1450 levels. Break of this level will falter price till 1300 levels." Prices achieved the mentioned zone of 1660-1665 levels - Anticipated Happened Click on the link to check my previous article on LT https://www.marketanalysiswithmeghmody.com/2021/07/larsen-and-toubro-elliott-wave-analysis.html Elliott Wave has been applied and has delivered beautiful results over and over the time. Combining Elliott Wave with basic technical tools is the secret sauce to get these amazing results.

 Nifty Bank hourly chart anticipated on 9th July 2021 Nifty Bank hourly chart happened on 29th July 2021 In my previous update dated on 9th July 2021, I had mentioned for Nifty Bank, " Nifty Bank is negatively poised for short term and can test 34000 in couple of trading sessions. " First of all it did not reach the level of 34000 but made a low of 34129 on 29th July 2021. Also it did not falter in couple of sessions as wave B took more time to form than anticipated. The best part is it did fall near to my mentioned level by forming a flat pattern - Anticipated  Happened Here is the link of my previous article on Nifty Bank, click on it  https://www.marketanalysiswithmeghmody.com/2021/07/nifty-bank-elliott-wave-analysis.html Currently prices are moving in a impulsive fahion, which means it is moving in (i-ii-iii-iv-v) waves. As of now it has completed wave iv and has stated wave v which can reach till 36350-36400 levels over short term. The CMP is at 36100  The summation is N

 Doge Coin hourly chart From the above chart, Doge coin is moving in a sideways to negative direction except from past 2 trading days. The crypto is forming double bottom formation and also a rounding bottom pattern both are bullish reversal patterns.  For bullish possibilities to open it is imperative for prices to breach the level of $0.30 level, this will surge price towards its next resistance placed at $0.45 level. At present, prices are placed at $0.26 more 4 cents will open the door towards $0.45. The summation is, further positive possibilities will only open once price move above $0.30, which will soar price till $0.45 levels.