Market Analysis With Megh Mody

Nifty daily chart Nifty 2 hour chart Analysis As seen in the above chart, the index made a high of 18267 and closed near to the high on Thursday. However, the benchmark could not sustain higher started shedding all the gains it made during the week on following day. The reversal which came on Friday was very aggressive as sellers were in action. This also opens the possibility of a reversal.  In my previous update I was of the opinion that there can be a 100-130 points rally which will be short lived. Any reversal from these levels will open negative possibilities.  In the weekly chart the index has formed shooting star (candle stick pattern) opening negative possibilities. Negative possibilities seems to have opened but trend reversal is still pending. For any reversal to happen there needs to be a price confirmation which can only happen when there is a discontinuation of the positive trend or negative pattern break. For Nifty to reverse it is imperative for it to break the level of

 Nikkei 225 daily chart Analysis As seen in the above chart, the index after moving in a diamond pattern for over 2 years has finally given a bullish break thereby opening positive possibilities. ADX which was below 20 has also moved well above 20 suggesting that strength of the trend is getting stronger. From Waves perspective, the index has opened wave 3 on the higher side which can go till 31300-31500 price range which is 161.8% of wave 1 to wave 2.  The summation is Nikkei 225 is positively poised and can soar till 31300-31500 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Comex Gold 4 hour chart anticipated on 21st April 2023 Comex Gold 4 hour chart happened on 3rd May 2023 Analysis In my previous update dated 21st April I had mentioned that, " Comex Gold continues to be positive and can move in the range of $2050-2060 over short term. Later it can also climb near to $2080-2100 levels which will terminate the up move for once." Prices continue to move in the uptrend and achieved my level of $2050-2060 and also moved till $2100 by protecting the level of $1950 levels - Anticipated Happened To view my previous article on Comex Gold, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/04/comex-gold-and-5th-leg.html From the above chart, prices are moving in a expanding wedge pattern and has moved towards $2100 levels which was short lived and has come down from there. There is a high possibility for the yellow metal to move down below $2000 levels and test $1970-$1980 levels where there is a support of the lower tre

 WTI Crude Oil 4 hour chart Analysis In previous week, the price of crude oil cracked and moved till $63.80 levels but was short lived and started showing signs of reversal as bulls bought near to its previous support (swing low). There is a high possibility for a double bottom pattern which can only complete once the level of $83.50 is taken out. This means prices are now poised to move higher towards this level over short term. RSI has also moved out of oversold terrain and has decisively crossed its center line which is a positive sign. From waves perspective, prices are moving in a corrective fashion, I initially thought it is moving in an impulse. At present it has completed wave a and wave b and has unfolded wave c which will be dynamic in nature and can move towards its previous high in the form of flat pattern (a-b-c). The summation is WTI Crude Oil prices are positively poised and can move towards $83-$84 price range in near term. Join my Telegram Channel :  https://t.me/ellio

 USDINR spot daily chart USDINR spot 2 hour chart Analysis As seen in the above daily chart, USDINR is moving in a ascending triangle pattern and it seems that the pattern is still ongoing. The important thing that has been noticed is the vols, which has come down drastically. This can also be seen in the above chart as there is no movement as such in the pair. However, the pair is consolidating near cluster of supports which has been tested several times.  First, there is the rising red trend line of the ascending triangle pattern. Second, is the small triangle which is forming and has a crucial support placed at 81.65 levels. Third, there is 200 SMA (blue) which is now placed near to 81.60-81.40 levels. As far as this confluence zone is intact the bias for a bounce back or possibility for the pair to climb back up towards 83.00 is not ruled out. From 120 mins chart, prices are now forming in a descending triangle pattern within the ascending triangle pattern. Prices are consolidating

 Nifty Bank daily chart Nifty Bank 2 hour chart Analysis As expected in Nifty Bank, prices crossed 42,350 levels and reached my mentioned level of 42,700 levels - Anticipated Happened From daily chart, the index is moving in a rising channel and it is moving precisely in this positive formation. As of now there is no reversal seen but most of the oscillators are in overbought and can possibly remain in overbought terrain going ahead while price continue to soar. The index has crossed 80% of the previous fall 44,150 -38,610 levels. and there is a possibility for the index to climb towards 100% also. As seen in the 2 hour chart, the index is taking support of 20 EMA (red) which is a sign to figure the potential support of the index. The moment it fluctuates to and fro it will give an indication of a top being placed. At current juncture there is no sign of this and so prices are expected to move higher from current levels. Wave theory suggests that prices are moving in wave B in which it

 Nifty daily chart Nifty 4 hour chart Analysis In my previous update, I had mentioned that Nifty can open positive possibilities once the level of 17660 is breached decisively which can soar index price towards 18,000-18,100 levels. After breaking the above mentioned level the index made a high of 18,089 levels thereby achieving my mentioned range - Anticipated Happened. As seen in the above daily chart, the index has moved past 18,000 levels with RSI in overbought terrain. Also it is arriving near to crucial resistance of 18,165 levels where the February high was made. All these factors pin point that Nifty can shown signs of reversal.  From 4 hour chart, prices are moving in a higher highs and higher lows but RSI is in extremely overbought terrain. Not only that lower time frames are well above 80 levels indicating there is not enough vacuum for the index to travel higher.  Elliott Wave theory suggests that, prices are moving in wave c of wave b which is the last leg. Also five waves