Market Analysis With Megh Mody

 Bitcoin 4 hour chart As seen in the above chart, prices faced the resistance of the middle trend line of the falling channel and reversed, this now opens the possibility of testing $17,000 levels again. Please understand, none of the previous highs are taken out and also it is precisely moving in a falling channel. For a reversal, prices need to break the falling channel and give a bullish break. Wave theory suggests, Bitcoin is moving in the last wave and in v wave (v) is ongoing. This wave can be in equality of wave (i) of wave v which comes to $16,800 levels. So I think prices can falter towards $17,000-$16,800 to complete wave (v) 0f wave v of wave c. The summation is Bitcoin has failed to give resilience as expected and has shown signs of reversal which can drag prices in a range of $17,000-$16,800 levels.

 Nifty Bank daily chart Nifty Bank 2 hour chart Nifty Bank has opened with a gap up in the start of the week and later it shed all its gains making it move in a sideways to negative territory. Just like Nifty, it remained above the neckline of the bullish reversal pattern and closed above it. This indicates the relevance and the validity of the inverse head and shoulder pattern. As shown in the above daily chart, prices are still moving in a lower highs and lower lows which is a negative sign. It is important for the index to break the falling trend line which will open fresh positive possibilities. Daily ADX is signaling that the preceding downtrend has no strength left as it is quoting at 13.81. This indicates that no intense fall in the index can be seen at least for some trading days and a relief rally is a possible. From 2 hour chart, the index tested the neckline multiple times and it bounced from the support of the neckline which was earlier acting as a resistance (role reve

 Nifty daily chart Nifty 2 hour chart Nifty last week has consolidated in the range of 15700-15800 levels, only on the last day of the trading week, it came close to my stop loss of 15500 levels but failed to trigger it. In my previous report I had opened the possibility of re-testing the neckline of an inverse head and shoulder pattern. The benchmark exactly tested or tried to test the neckline and reversed in the second half of Friday’s trading, back in the buying range of 15700-15800 levels. From daily chart, the index filled all the pending gaps down and closed in a positive terrain, thus forming a long legged candle indicating that the bulls have the upper hand. Last 4 trading sessions prices consolidated in a stiff range but ROC continues to exhibit positive sign, staying well above the center line. Also the benchmark is facing resistance of 20 EMA (red), it is imperative for prices to move above this moving average which can then open the resistance of 50 SMA (blue) placed at

 MCX Gold 60 mins continuous chart From the above chart, prices are moving in a sideways direction and it is important that there is a trending move in either direction. Gold and Dollar Index moves in opposite direction. With strengthening in Dollar Index, gold will lose its shine. The short to medium term is negative as it is moving in a lower high and lower lows and precisely in falling channel. Currently the yellow metal is hovering near the resistance of the falling trend line and it is important for price to reverse from current juncture. As per Wave theory, prices have completed wave a in complex correction and currently it is moving in wave b in diametric pattern. Once wave b is over wave c on the lower side will start which can drag prices till 49500-49200 levels. The summation is MCX Gold is negatively poised and can falter near till 49500-49200 levels over short term.

 Nifty daily chart anticipated on 10th June 2022 Nifty hourly chart happened on 16th June 2022 I had mentioned that the index is wean and can falter going ahead. In my previous article I stated, " Nifty can falter towards 15450-15350 range over short to medium term." The index plunged and made a low of 15350 levels thereby achieving my above mentioned level- Anticipated Happened. To view my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/06/nifty-and-road-ahead-with-elliott-wave.html As per Elliott Wave, prices have completed wave a of second correction and can move higher in the form of wave b of second correction post wave x. Corporate results is set to release in the month of July and so there are high chances for index to pull back. The summation is Nifty is all set to give a pullback which can only be possible above 15850 levels, leading it till 16200-16800 levels over medium term.

 MCX Crude Oil 60 mins chart MCX Crude Oil has soared to its all time high of 10000 levels in past 2 years from marking an all time low of negative figure, thus gaining 10000% returns, but the rally seems to have now formed a distribution pattern and has also reversed. This is an indication that selling pressure will intensify going forward. I had also mentioned in my previous article that 5th wave will move towards 10000-10200 levels as wave 5 has the tendency to fail, but still I managed to catch wave 5 from 8200 to 9600. From Waves perspective, prices completed wave 4 in a triangle pattern and wave 5 in an ending diagonal pattern. Also wave 5 is truncated, meaning a failure, where it failed to move above wave 3 as wave 1 was extended. There is a high possibility that prices will sink towards the level of 7500 over short term. The summation is MCX Crude Oil is set to sink till 7500 INR followed by 5000 INR over short to medium term. To view my previous article on MCX Crude Oil, click

 ETH/USD 240 mins chart Cryptos has witnessed one of the biggest bearish trend in its time. However, nothing lasts forever and this to will end. Prices in the above chart is moving in a falling channel indicating that the trend is negative, but for me it is not possible to come to a conclusion that it will falter from the current juncture. The Crypto has arrived near to the support of the falling channel and a resilience from here is likely. As per Elliott Wave, the fall from the top is a simple zigzag where wave a was an impulse followed by wave b and wave c down in an impulse. Wave a and wave c follow the rule of equality, so there is a high possibility for prices to either move up in wave x or a fresh rally will start.  The summation is ETH is all set to bounce from current levels and can test $2500 over short to medium term.