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DXY/EURUSD/GBPUSD/USDJPY Elliott Wave Counts

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 Global Currencies daily chart DXY EURUSD GBPUSD USDJPY Analysis Dollar Index (DXY) has shown a reversal after relieve in inflation data last week. The index was moving in an expanding diagonal and potentially has completed wave v which now open fresh leg on the downside. The fall in DXY will help its peers to move higher which I have explained in detail. DXY will plunge towards its next support placed at 140-103 levels over short term. EURUSD constitute 57.6% of Dollar index, the recent inflation numbers from US has come down from 8.2% to 7.7% indicating that FED has been successful in taming the inflation after incessant rate hikes. From Waves perspective, prices have completed (w-x-y) pattern and has then started moving higher in impulse fashion where it has completed wave i and wave ii and has unfolded wave iii higher which can go till 1.07-1.09 levels. Moving averages has also given a bullish crossover after March 2022. GBPUSD which completed its complex correction in a side

MCX Copper Elliott Wave Analysis

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 MCX Copper hourly continuous chart Analysis From the above chart, MCX Copper has moved above the falling red channel and has discontinued the lower highs and lower lows formation. At present it has crossed its previous high of 685 levels and has closed above it thus opening further positive possibilities. Prices are likely to continue the Bull Run and can reach 750-770 levels, currently it is trading at 703 levels. In the lower panel I have added ADX which is showing immense strength in the recent uptrend. At present it is at 40 levels in hourly chart but in daily it is close to 20. As per wave theory, prices have completed wave i and wave ii and currently it is moving in wave iii in which wave iii is extended. Prices are likely to reach 261.8% of wave I to wave ii which is placed at 770 levels. The summation is MCX Copper is positively poised and can reach towards 750-770 levels over short term with support placed at 660 (closing basis).

Bank Nifty Elliott Wave Analysis

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 Bank Nifty daily chart Bank Nifty 120 mins chart Analysis As shown in the above daily chart, Nifty Bank continues to consolidate near the resistance zone (red line) which is an indication that there is an overhead supply placed. However, this resistance zone can be tested back again and the index can reach near to this level as mentioned earlier. There is enough room for RSI to move higher as it is well below the overbought terrain. Moving averages are favoring the index more than Nifty earlier. From 2 hour chart, Bank Nifty continues to move in a sideways direction not moving below the support level of 40670 which was mentioned in my earlier report. Currently it is moving in a triangle pattern and once this pattern is over prices are then expected to move in the positive direction. The recent sideways action has curbed the volatility which made Bollinger Bands to contract, giving an indication that there can be a breakout soon. RSI has taken the support of the center line. As p

Nikkei 225 Elliott Wave Analysis

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 Nikkei 225 daily chart Analysis As shown in the above chart, Nikkei is moving directionless especially after making high in February 2021. As per traditional technicals, the index is moving in a diamond shape pattern and it seems that there can be a bounce which can take prices near to 28000-28400 levels The pickup in volumes recently has indicated that prices are well supported at the bottoms placed at 25500 levels. From Waves perspective, the index is moving in a diametric pattern which has seven legs in it (a-b-c-d-e-f-g). Recently it has completed wave e near 25500 levels and it has now unfolded wave f on the upside which can go till 28000-28400 price range. The summation is Nikkei 225 is positively poised can move near till 28000-28400 resistance zone over short term.

MCX Aluminum revisited and Elliott Wave Analysis

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 MCX Aluminum 2 hour continuous chart. Analysis. In my previous update I had mentioned for MCX Aluminium that it will test the level of 199 when it was trading at 204, it plunged till 190 levels - Anticipated Happened To view my previous article on MCX Aluminum click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/10/mcx-aluminum-elliott-wave-analysis.html From the above chart, MCX Aluminum tumbled as expected and reached lower till 190 levels thereby achieving my mentioned level 198 (covered in my previous report). Currently prices are moving in a stiff range of 190-210 levels. It is imperative for the metal to close above the resistance which will open further positive possibilities. In the lower panel I have added ADX which is showing strength of the recent trend, it currently stands above 20 and can move back till 35 as prices are positively poised. As per wave theory, prices have completed wave i and wave ii in complex correction, it has started w

Nifty Elliott Wave Analysis

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 Nifty daily chart Nifty 120 mins chart From daily chart, the benchmark is likely to face resistance of 18000-18100 going ahead. Also I have been applying Ichimoku cloud for so long. Despite of moving towards 18000 levels last week the cloud is still giving negative signal (highlighted in circle). Still the moving average has not given a bullish crossover. RSI is inching towards the overbought terrain. With all these hindrances, it is advisable to go long when it is crossed decisively. One can also wait to see if 17200 is broken on the downside. In 2 hour chart, it is now evident that 18100 is a crucial resistance. The index is hovering near to it and it is forming a diamond pattern near to it. This pattern can be a continuation pattern and also a reversal pattern. To trade this pattern it is important to see on which direction the breakout occurs. The target of the pattern on the upside comes to 15800, only when Nifty breaks the level of 17200. If prices break the level of 18000, th

Bank Nifty Elliott Wave Analysis

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 Nifty Bank Daily chart Nifty Bank 120 mins chart Analysis As shown in the above daily chart, Nifty Bank unlike Nifty has shown strength and has reached close to its previous high. With moving averages giving positive signs and MACD still exhibiting buy signal, there is enough room for the indices to move higher going ahead. From 2 hour chart, Bank Nifty continues to move in a positive direction and has the tendency to move near to its previous high of 41800. Price ROC has arrived near to its previous support though below the center line but this level is been tested several times. As per Wave theory, I am expecting flat pattern (a-b-c) where wave b is ongoing within which wave c is soaring the price. At present it has completed wave iv of wave c of wave b and wave v of wave c of wave b is pending on the upside. The summation is Nifty Bank is likely to move near till 41800-42000 levels as mentioned in my previous update with support at 40670.