Market Analysis With Megh Mody

 MCX Aluminum hourly continuous chart Prices has been moving in a positive formation as it is trading above the rising trend line along with that its previous highs has been crossed decisively.  However, as per advance technicals, Wave theory suggests that prices can test its previous low. The entire upmove is corrective in nature and the recent formation looks more like a irregular flat pattern. In which it has completed wave and wave b and wave c has already started. This means wave c can entirely retrace wave b placed at 203-202 levels. The summation is MCX Aluminum can dip near till 203-202 levels over short term.

 MCX Zinc hourly continuous chart As shown in the above chart, MCX Zinc is moving in a higher highs and higher lows. However, the base metal has broken its previous low which opens negative possibility for this counter. It is very obvious, that Zinc prices will now sink near to its cluster of supports. From Waves Perspective, prices are moving in a double correction as of now where after completing the second correction, it has now entered in a correction mode. This correction can be the end of the previous upmove or can convert into triple correction, for this it is imperative to monitor the move. For very short term, a fall is inevitable. As wave c of the current correction can plunge prices near till 244 levels. The summation is MCX Zinc is negatively poised over short term and can test the level of 244-243 levels.

 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.