Market Analysis With Megh Mody

  CAC40 daily chart Analysis As seen in the above chart, prices are still moving in a lower highs and lower lows which is an indication that the bias is negative for the index. Also the index has arrived near to the resistance of the falling channel and can or has reversed which can open next leg on the downside. Bollinger Bands indicate that there is a break\out on the lower side after it has contracted thus opening negative possibilities. From Waves perspective, prices have completed wave b in irregular flat pattern (a-b-c).It has opened wave c lower which can go down till 5800 levels over short term which is 61.8% from wave a to wave b. The summation is CAC 40 can plunge towards 5800 over short to medium term with its resistance placed at 6780.

  GBPINR spot 4 hour chart Analysis As shown above chart, the currency pair continues to move in a higher highs and higher lows and it is moving precisely in rising channel. It is important to see if prices break the level of 99 levels which will not only break the support of the channel but also will complete one higher degree of wave count. If the pair fails to break the important support then prices will continue to rise and can even move higher surpassing the level of 102.4. As per wave theory, if prices fail to break 99 levels then wave v will be extended and prices will continue to soar. Failure to do so will open negative possibilities and the pair can touch 97 levels. The summation is GBPINR needs to break the level of 99 which can drag prices near till 97 levels. If it fails and climbs above 101.3 then there are high chances for it to even climb beyond 102.4 levels.

  MCX Silver daily continuous chart Analysis In the above daily chart, prices continue to move in a higher highs and higher lows and has arrived near to a minor resistance, prices can reverse from current levels and might arrive near to 67500 levels. This fall can be utilized as a buying opportunity. ADX is clearly indicating that the positive trend is very strong and shown immense strength going ahead. As per wave theory, prices might have completed wave iii and can move down in the form of wave iv ending near to 67500-67300 levels and thereafter it can move towards 70000 in form of wave v. The summation is MCX Silver can dip towards 67500-67300 price range which can be utilized as a buying opportunity for the level of 70000 levels.

  MCX Crude Oil 4 hour continuous chart Analysis In the above daily chart, prices continue to move in a lower highs and lower lows which is a negative sign. Also the commodity is moving precisely in a falling red channel thus indicating that there can be more downside left. MACD is giving a signal of sell as the osc has cut the trigger line from above. However, advance technical open one leg higher before it falls to a new low. As per wave theory, if the current has ended (assumption), then wave c has not even retraced 61.8% of wave a to wave b, thus I think that wave c will continue to move down and has completed wave i at 5840 followed by wave ii higher which is ongoing and can test 6500-6600 range. The summation is MCX Crude Oil is all set to move towards 6500-6600 price range before major fall starts.

  Hang Seng daily chart Anticipated on 29 th  October 2022 Hang Seng daily chart happened on 11 th November 2022 Analysis In my previous update on Hang Seng dated on 30 th October 2022, I had mentioned that, “ Hang Seng can start a counter trend which can surge prices near till 16800-17000 levels over medium term .” The index climbed above 17000 thereby achieving my mentioned level of 16800-17000– Anticipated Happened. To view my previous article on Hang Seng, please click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/10/hang-seng-elliott-wave-analysis.html As seen in the above chart, prices rallied from the support of the channel and has approached towards its resistance. There can be limited upside still left but it will be short lived. For a reversal to happen, it is important that prices break the level of 18800 which can drag prices towards 14200 levels. RSI has arrived near to the overbought terrain, as far as the lower highs and lower lows a

  USDINR spot hourly chart Analysis As shown above chart, USDINR continues to move in a sideways direction with a slight tilt in price action. This tilt in common technical terms is formed into a pattern known as rising wedge. The rising wedge has accompanied with negative divergence in RSI indicating that the upside is halted. My view in continues to remain negative but the targets will be revised. Rising wedges often gives a negative breakout, it is likely that the pair will move down once the level of 82.5 is broken which will infuse selling pressure dragging prices towards 81.8 ort term. It is imperative that pair breaks 81.6 which can accelerate more selling in this pair. As per wave theory, prices have now completed wave b in which wave c has formed an ending diagonal pattern. A break below 82.50 will confirm that wave c of one higher degree of flat pattern has started. The summation is USDINR is all set to plunge and test 81.8 over short term followed by 80.6, only if 81

 Nifty 2 hour chart  Analysis In my previous update dated 5 th Dec I had mentioned, “ Nifty possibly can reverse from current levels and test the support of 18450-18400 levels over short term. The resistance will be placed at 18900 (closing basis).” The index made a low of 18410 which was marked on the last day of the week, thereby achieving my level – Anticipated Happened To read my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/12/nifty-and-elliott-wave-analysis.html From daily chart, the index continues to be above both the moving averages and it indicates that the trend is still positive. Any move above 18600 will open further positive possibilities and can push prices above the previous high. However, a move below 18400 can drag prices near to 18200 followed by 18050 levels. MACD continues to give a sell signal with negative divergence. In 2 hour chart, Nifty has broken the trend line support (red) and it is below both t