Market Analysis With Megh Mody

 Nifty Bank hourly chart From the above chart, Nifty Bank is moving in a higher highs and higher lows and it is precisely moving in a rising channel which is a positive sign. Recently prices have retraced back to test the support of the channel, any bounce from current levels will open further positive possibilities. As per Wave theory, prices are moving in am impulse fashion, in which it has probably completed wave iv in a flat pattern and it is on the brink to start wave v which can move up near to 39900-40000 levels. The summation is Nifty Bank is all set to move higher over short term near 39900-40000 levels, as far as 37400-37200 is intact on closing basis.

 MCX Crude Oil daily chart anticipated on 28th December 2021 MCX Crude Oil daily chart happened on 19th January 2022 In my previous article on MCX Crude I had mentioned that, "  MCX Crude is positively poised and can move higher near to 6100 followed by 6400 over medium term." Within twenty trading sessions MCX Crude has achieved my above mentioned level- Anticipated Happened To read the previous articles on MCX Crude click on the below links MCX Crude Anticipated Happened and Elliott Wave Analysis https://www.marketanalysiswithmeghmody.com/2021/12/mcx-crude-oil-anticipated-happened-and.html MCX Crude Oil Elliott Wave Analysis https://www.marketanalysiswithmeghmody.com/2021/12/mcx-crude-oil-elliott-wave-analysis.html It will be important to see  how this wave will unfold, I will monitor the movement and keep you all posted.

 Bitcoin daily chart As shown in the above chart, Bitcoin is moving in a range of $65000-$35000 levels and it seems that prices will continue to move in this range once the lower extreme of the range is tested. To understand it more precisely, it is better to know where the support and resistance levels are placed. Currently, prices are hovering near crucial support of $40000 levels (shaded area). As far as this level is intact there is a limited downside. However, decisive break of the above mentioned level will plunge price towards $35000 over short term. From Waves perspective, prices are moving in a irregular flat pattern but with slight complication. So this cannot be a irregular flat pattern as I can see only (3-3-3) so I will open running triangle as my other favorable probability. If triangle is not formed I will sum up with (w-x-y). I will monitor the counts and will keep you all posted. Also the final outcome after the pattern is complete will lead Bitcoin to new highs minimu

 MCX Crude Oil daily continuous contract Anticipated on 7th December 2021 MCX Crude Oil daily continuous contract Happened on 27th December 2021 From the above chart, MCX Crude Oil which was trading at below 5500 in the first week of December 2021, I had mentioned that, "  MCX Crude Oil is all set to test the level of 5700-5800 over short to medium term as far as 5000 levels are protected on the lower side." - Anticipated Happened. Crude Oil touched 5700 on 27th December 2021 thereby achieving my first target. To read the previous article on MCX Crude Oil, you can click on the link here https://www.marketanalysiswithmeghmody.com/2021/12/mcx-crude-oil-elliott-wave-analysis.html As per Elliott Wave theory, I have counted the recent rally as wave b which can be a flat, the minimum criteria of flat is at 6100 which will eventually turn into normal flat pattern followed by irregular. My next target after it surpasses 5800 will be 6100 followed by 6400. The summation is MCX Crude i

 Nifty Bank hourly chart As shown in the above hourly chat, prices have given a bullish break in a falling channel which is a positive sign and can move higher from current levels. Currently it is facing the resistance near the rising channel, which I think will be taken out in couple of trading sessions. From Waves perspective, prices have completed a corrective wave (a-b-c) and has opened another corrective wave which is likely to move higher from current levels. In the ongoing wave, it has completed wave a and wave b and in wave c it is done with wave i and probably wave ii this opens wave iii higher followed by iv and v . The summation is Nifty Bank is expected to test 40000-40400 levels over short to medium term with support placed at 36000.

 Nifty hourly chart As shown in the above hourly chart, prices are moving in a lower highs and lower lows and are moving precisely in a falling channel. It is imperative for prices to break the falling channel to open positive possibilities. It has broken the small falling channel and is sustaining above it, which opens that the index might reach towards its next resistance. By applying Wave theory, prices have completed first correction (a-b-c). This opens the possibility that it will either open wave x which will terminate near 17600-17700 and then tumble thus opening double correction. The second possibility is that it will eventually convert into flat pattern which can move till 18200-18500 (minimum). The summation is Nifty is expected to move higher from here which can find resistance near till 18200-18500 levels over short term with support placed at 17230 levels.

 MCX Copper hourly continuous chart As shown in the above hourly chart, a sideways move is seen in red metal and it will continue to do so as there is a high possibility for the metal to test its resistance. The range in which it is moving is 720-750, so it is likely that 750 is likely to be tested. From Waves perspective, prices are moving in wave b and it is currently moving in wave c of wave b in which it is forming wave iv and wave v is pending. The summation is MCX Copper is likely to test 750 levels over short term with support at 726.