Market Analysis With Megh Mody

 WTI Crude Oil 4 hour chart Analysis As seen in the above chart, I was of the opinion that prices will move down and test the level of $69-68 levels but it seems that prices are not going to do that. Prices have completed the range bound move and has the probability of breaking the range on the higher side which can take prices higher. From Waves perspective, prices completed wave ii in the form of failure and there is high possibility that wave iii will be fast on the upside which can go towards $81.38 levels followed by $82.00 levels. The summation is WTI Crude Oil is positively poised and can move higher from current levels towards $81.38-82.00 levels over short term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Come Gold 4 hour chart Analysis As seen in the above chart, prices broke the important support of $1950 which was crucial, but the yellow metal continues to remain near to it and has not gone down decisively gives us another indication that there can be another leg on the upside. This leg can cross its previous high or can fail as well. I think truncation or failure is possible. As EURUSD continues to tumble, Gold which moves in sync with it can move down from there as well. RSI is showing positive divergence and can take prices higher which can go till $2000-2040 levels over very short term. As per wave theory, prices are moving in expanding diagonal pattern and one more leg on the upside is pending which can take prices near to the above mentioned range. The summation is Comex Gold is expected to move towards $2000-2040 levels over short term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwE

 EURINR daily chart Analysis As seen in the above daily chart, prices are moving in a lower high lower low fashion after facing the resistance of its previous high (horizontal upper red trend line) and also the distribution pattern which was formed near to it known as expanding rising wedge pattern. Once price broke this pattern it started moving down and can falter going ahead. From waves perspective, prices are moving in a flat pattern (A-B-C) and offlately it has opened wave C on the lower side. Wave C is impulse in nature and currently it is moving in a wave iii which can go till 87.60-87.20 levels. Then a counter trend in the form of wave iv can come followed by wave  v of wave C which can test the range of 86.80-86.00 levels. The summation is EURINR is negatively poised and can slump towards 87.60-87.20 price range and over medium term it can test the range of 86.80-86.00. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmod

 Nikkei daily chart anticipated on 6th May 2023 Nikkei daily chart happened on 23rd may 2023 Analysis In my previous update dated on 6th May 2023, I had mentioned that, " Nikkei 225 is positively poised and can soar till 31300-31500 levels over short to medium term." The index made a high of 31352 and has shown signs of reversal thereby achieving my level of 31300-31500 levels - Anticipated Happened To view my previous article on Nikkei 225 where I did this forecast, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/nikkei-225-3rd-wave.html As seen in the above chart, prices made a high of 31352 and formed a big red candle at the top. Thereafter it has started correcting which opens negative possibilities.  From waves perspective, prices are moving in a wave 4 after completing wave 3 at the top. This wave 4 can correct till 38.2% of wave 3 minimum which comes to 29550 levels. The summation is Nikkei 225 can correct towards 29550 levels over

 Finnifty daily chart Finnifty 2 hour chart Analysis From the above daily chart, prices are moving in big range of 19600 on the higher side and on the lower side 17200. As prices are near to the resistance of the range there are high chances that the index can reverse and prices can start moving down over medium term. Over short term there are high chances that the index will consolidate near to the resistance for some time. As seen in the 2 hour chart, the index is moving in a range of 19000 -19600 price range and can move higher from current levels to test the upper extreme. Also the index option analysis suggests that highest OI is built up at 19500 levels and on the downside 19300-19200 levels. So prices can move higher from here to test 19500-19600 levels and then falter for the next expiry and week. As per Wave theory, the index is moving in wave ii. After completing wave i at 19210, prices moved up where the subdivisions of the wave was expanded and currently prices are moving u

 Bank Nifty daily chart Bank Nifty 2 hour chart Analysis As seen in the above daily chart, Bank Nifty is moving in a higher highs and higher lows with RSI exhibiting negative divergence. This setup is a common setup especially when the asset class is in the last leg of the ongoing trend. Also this is a classic distribution pattern commonly known as rising wedge pattern. However, I am not able to figure out as of now whether prices have completed the pattern or it has just started. From 2 hour chart, the index is hovering near to its previous resistance level (horizontal red line) where it is trying to consolidate. As of now there are major CE sellers at 44000 levels followed by 44500 levels which is a clear indication that prices will continue to move in this range and reach towards this zone and then can again come back to test the lower extreme where 43700-43500  where PE sellers are placed. As per Wave theory, I think I was early to predict the ending diagonal pattern. I think price

 Nifty daily chart Nifty 2 hour chart India VIX Analysis Nifty is moving in a lower highs and lower lows, though it went above its previous high last week and I went wrong in anticipating the fall. As market is now going to fall in impulse fashion I am of the opinion that market is likely to collapse but will be corrective in structure. As seen in the daily chart, prices are moving in a falling channel with RSI exhibiting negative divergence for the third time which is an indication of a caution. Also to understand the VIX chart, prices have arrived near to 12 years low the lower horizontal line, thereby opening a possibility of a reversal in prices coming soon. From 2 hour chart, the index is moving in a higher highs and higher lows in a falling channel (big) and also currently moving in an impulse fashion. However, there is a strong built up of CE sellers at 18600-18800 levels which will act as a resistance for now. Also there is a room for 100 points higher from here which can termi