Market Analysis With Megh Mody

 MCX Crude Oil daily continuous anticipated on 17th Dec 2022 MCX Crude Oil daily continuous happened on 26th December 2022 Analysis In my previous article, I had mentioned that, " MCX Crude Oil is all set to move towards 6500-6600 price range before major fall starts." In no time the black gold moved higher and achieved my mentioned level - Anticipated happened To see my previous article on MCX Crude, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/12/mcx-crude-oil-elliott-wave-analysis.html As seen in the above chart, prices are moving in a lower highs and lower lows which is a negative setup. It is also moving precisely in a falling red channel. At current juncture, Crude Oil prices has arrived near to the resistance of the channel. It is imperative to see if prices cross this resistance or continues to falter. Any move above 6800 will give a bullish break in falling channel pattern. If prices break the level of 6200 on the downside then it

 Nifty 120 mins chart Analysis Nifty continues to move in a stiff range of 18100-17750 levels. It seems there is no directional move for the index. However, there is a high possibility for the benchmark to give a move on the higher side soon. On daily chart prices continue to show in a downtrend where it is placed below both the moving averages 50 SMA and 20 EMA. On the downside there are cluster of supports including Gap support, Bollinger Band support (lower band). As far as prices don't breach this support there is a possibility for it to move higher from current levels. From 120 mins chart, prices are moving in a falling wedge pattern and it seems there is one leg on the downside pending which can drag prices lower till 17800-17750 levels and then it can move towards 18350-18400 levels. RSI on short time frame has started exhibiting positive divergence hinting that limited downside is expected. As per Wave theory, prices are moving in wave v where ending diagonal is formed, in

 USDINR 4 hour chart Analysis In my previous update dated 8th January 2023 I had mentioned that, " USDINR is negatively firmly negative and can test the level of 82-81.90 over very short term. Break of this level can test 81.50-81.20 levels over short term." Prices after breaking 82.50 has started falling and reached till 81.80 levels which was also broken decisively thus opening further negative possibilities and achieved my second level of 81.20 thereby fetching 1.60%- Anticipated Happened. To see my previous article on USDINR, click on the below link https://www.marketanalysiswithmeghmody.com/2023/01/usdinr-bow-and-tie-diametric-pattern.html From Waves perspective, prices are moving down in a corrective wave and since it has completed wave c of wave a this will open wave b higher which can go till 81.80 to 82 levels which can be a part of wave a of wave b. The summation is USDINR can move towards 81.80-82 levels over short term.

 EURINR 4 hour chart spot Analysis In the above chart, the pair is moving in a higher highs and higher lows which is a positive formation. Currently prices are moving precisely in a rising channel and it is near to the support of the channel. On the downside it has a very crucial support of 87.40 levels, which I think will be protected (closing basis). RSI has enough vacuum on the upside which can take prices higher going ahead. From Waves perspective, prices are moving in wave v in which it has completed wave i and possibly wave ii. This will unfold wave iii of wave v higher near till 89.50-89.90 price range. The bias remains positive for the pair. The summation is EURINR will continue to move higher with support of 87.40 (closing basis) and on the upside it can test the price range of 89.50-89.90 levels.

 Hang Seng daily chart Analysis Hang Seng was moving precisely in a falling channel and was moving in a falling channel until the channel was broken thereby giving positive sign. Prices not only broke the resistance but is above trading above it which is a positive sign. However, RSI is in overbought zone and there are chances for it to relive from it. As per Wave analysis, prices completed double correction (a-b-c-x-a-b-c) which earlier I thought it could be triple correction. I was wrong in that. After completing wave c of the second correction, prices have started fresh leg on the upside which looks to be impulsive. As of now wave iii of wave iii is in motion and wave iv can unfold soon which can re-test the support of the channel (earlier acting as a resistance). The summation is Hang Seng can move towards 21000-20500 and then resume the uptrend to reach near till 23500-24000 price range.

 MCX Copper daily chart Anticipated Happened  Analysis In my previous update on 12th December 2022 I had mentioned , " MCX Copper is set to move in a positive direction and can test the level of 770-776 over short term."  MCX Copper has made a high of 773.5 on 12th January 2023 thereby surging 9.56%. - Anticipated Happened To read my previous article on MCX Copper, click on the below link https://www.marketanalysiswithmeghmody.com/2022/12/mcx-copper-elliott-wave-5-on-move.html The red metal continues to move in a higher highs and higher lows which is a positive formation. Also it is persisting in a rising channel and has arrived near to the resistance of the channel. The level of 770-776 has multiple resistances and it seems that prices can take a breather from hereon. On ADX front, it is quoting at 33 which indicates that there is a lot of strength in the ongoing uptrend. From Waves perspective, prices are moving in wave iii or it is on the brink to fade. Prices have arrived

 Nikkei daily chart Analysis In my previous report dated on 5th December, I had mentioned for Nikkei 225 that, " Nikkei 225 can plunge towards 26800-26500 zone over short term with resistance at 28350." Prices reversed from the resistance and faltered to test my level of 26800-26500 zone thereby achieving 4.60% - Anticipated Happened.  To view my previous article on Nikkei, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/12/nikkei-225-revisited.html The index is currently at support and has shown a reversal near the bottom which is likely to hold. As far as prices are above 25000 levels prices are likely to revisit the levels of 28000 or even higher over short to medium term. The bias for the index now looks to be positive over short- medium and long term.  From Waves perspective, prices have completed Neo Wave diametric pattern where it recently completed wave g which is the last leg of the pattern (a-b-c-d-e-f-g). Now there are high chances