Market Analysis With Megh Mody

 Bank Nifty 2 hour chart Analysis As seen in the above chart, the index is moving in a sideways pattern after enormous possibilities applied in understanding the development in the index. However, the fall looks to be corrective rather than impulse. Also price have now come below both the moving averages thereby opening negative possibilities. As per Elliott Wave, prices have completed wave B on the higher side and has opened wave C on the lower side but it is corrective in nature so it can also be (WXY) pattern or a bigger triangle pattern.  The summation is Bank Nifty is negatively poised and can move down towards 43300 followed by 42600 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Nifty daily chart Nifty 2 hour chart Analysis In my previous update I had mentioned that, "  Nifty has still room to move higher and can test 18900-19100 price range going ahead. Also one needs to be cautious on the buying side as the index is arriving near to its previous swing high of 18886 levels." Nifty made a new high 18885.70 levels and I had also said that to be cautious as it will arrive to its previous swing high - Anticipated Happened. To read my previous update on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2023/06/nifty-anticipated-happened.html As seen in the above daily chart, the index faced the resistance of its previous high which was placed at 18886 levels and witnessed selling pressure on the last trading day of the previous week. Also RSI which was exhibiting negative divergence was not able to pull prices lower, instead the price was moving in the north direction. However, prices have now formed a expanding diagonal off late

 ETH 4 hour chart Analysis As seen in the above chart, prices are moving in a positive formation with higher highs and higher lows. The bias remains positive as there is no discontinuation of the formation. Prices are expected to reach near to its previous high which is placed at $2100-$2200 levels. From Waves perspective, prices are moving in either wave iii of wave 3 or still moving in wave ii of wave 3. In both the cases there will be an attempt by the crypto to reach towards $2100. The summation is Ethereum can move towards $2100-$2200 over short term with positive bias. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 DJIA daily chart Analysis From the above chart, prices are moving in a falling channel and has been consolidating near to its previous high of 34600 levels thereby moving in a stiff range of 32600 on the downside and 34600 on the upside. As far as prices persist in this range the bias will be sideways. However, prices which are currently at the resistance can move down from current levels and reach towards 32600 or even can break it this time. MACD is negatively poised. As per Wave theory, the index completed wave b of wave b and is likely to start wave c on the lower side which can move till 32600 followed by 31500 levels. The summation is DJIA is likely to tumble towards 32600 followed by 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

 Axis bank daily chart Analysis The banking stock has arrived near to its previous high (marked with horizontal red line) and is now showing signs of reversal. This can also be termed as a double top pattern where prices can now show deep correction going ahead. MACD has also given a sell signal. Wave theory indicates that, prices which went up slightly above its previous high was wave B in making after completing wave a at 815 levels. This means wave c on the lower side can start and will eventually complete flat pattern (a-b-c). The summation is Axis Bank can tumble towards 910 levels over short term and over medium term it can move towards 850-820 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 DLF daily chart Analysis As seen in the above chart, prices which were moving in a higher highs and higher lows and have discontinued the positive formation, thereby opening negative possibilities. The stock has gone up till 508 levels but could not sustain higher and broke its previous swing low of 480 levels. It has also closed below the 20 EMA (red) moving average which has happened after March 2023. RSI has also exhibited negative divergence and has slumped towards the center line. From Waves perspective, prices are moving in a five wave structure which has completed where wave v was formed in ending diagonal pattern. After that the pattern was broken and started moving in a falling channel. Prices are moving in a corrective structure mainly wave a which can find support near to 465-460 levels. The summation is DLF is expected to falter towards 465-460 price range over short term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/

 MCX Copper daily chart Analysis As seen in the above chart, prices are moving in a lower highs and lower lows fashion, especially after making a high of 804 levels. MACD which is below the center line has exhibited fresh sell signal, indicating that the bias is negative.  According to Wave theory, prices are moving in wave ii in which it is moving in wave c where wave i and wave ii is over and wave iii has started which can tumble towards 675-670 levels. The summation is MCX Copper is negatively poised and can falter towards 675-670 price zone over short term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ