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MCX Copper: Classic Corrective Pattern to complete

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 MCX Copper hourly chart Analysis As per above chart, Copper prices are moving in a lower highs and lower lows after making a high of 950 levels. Currently, the red metal is moving in a falling channel, but it has arrived near crucial support. The support of 870-860 highlighted in the chart is support of the gap, which I think will be acting crucial for the metal. On the lower panel I have placed RSI which is exhibiting positive divergence, which is also supporting copper prices. From Wave perspective, prices have or is on the brink to complete classic corrective pattern (A-B-C) where in wave c there is impulse wave count as showcased on the chart. It is matter of time that prices will show either a reversal or a bounce back from current levels CMP is 873. The summation is as far as the support zone of 870-860 is intact on the lower side I am expecting some bounce back towards 890 levels. Any move above 895 will open further positive possibilities for MCX Copper which can soar pric...
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Nifty in Ending Diagonal Pattern?

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 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
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Gold Anticipated Happned

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 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
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MCX Copper change of trend underway?

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 MCX Copper anticipated on 21st Oct 2023 MCX Copper happened on 14th Dec 2023 Analysis In my earlier article, I expressed the view that MCX Copper prices would undergo a trend reversal after forming an accumulation pattern at the bottom. As anticipated, prices have indeed shifted direction and, notably, have successfully surpassed the resistance level. To read my previous article on MCX Copper, click on the below link https://www.marketanalysiswithmeghmody.com/2023/12/mcx-copper-change-of-trend-underway.html With a clear bullish breakout from a descending channel, it's evident that MCX Copper prices are poised for a positive trajectory in the foreseeable future. The red metal is expected to explore levels between 760 and 777, representing the 61.8% to 80% retracement of its previous decline. From a wave analysis perspective, the ongoing upward movement could be classified as wave c, following the completion of wave b in three legs (a-b-c). However, definitive evidence supporting it...
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Nikkei Anticipated Happened

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 Nikkei 225 Anticipated on 21st Oct 2023 Nikkei 225 Happened on 15th Nov 2023 Analysis In my prior article, I indicated that the Nikkei 225 showed a moderate positive outlook, suggesting a potential move to test 33000 levels as long as support at 30700 held. Despite a brief dip below 30700, the index swiftly rebounded, reaching my target of 33000—accurately predicted. To revisit the detailed analysis, you can access my previous article on Nikkei 225 through the following link: https://www.marketanalysiswithmeghmody.com/2023/10/nikkei-225-anticipated-happened.html . The chart illustrates a concerning lower high and lower low pattern, indicating a negative trend. In the recent week, the index closed near the resistance of a descending channel and encountered obstacles at the prior swing high of 33877 levels. Additionally, a bearish island reversal pattern has formed according to candlestick analysis. Examining the wave perspective, prices are currently in wave c, with wave i concludi...
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MCX Crude Oil - Reversal as per Elliott Wave Analysis

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 MCX Crude Oil 4 hour chart Analysis According to the presented chart, the price movement of crude oil shows a consistent pattern of lower highs and lower lows, suggesting a prevailing negative bias. Notably, there was a recent breach of the previous low following the Crude Oil inventories report, leading to a decline towards the 5787 levels. Despite this, there is a potential for a relief rally or a reversal to occur at the current levels. Examining the Waves perspective, Crude Oil exhibited a three-leg pattern (A-B-C), with wave C concluding at 161.8% of the distance from wave A to wave B, as illustrated in the chart. Within wave C, there are distinct markings of five waves, hinting at the imminent completion of the downtrend. In summary, it is suggested that MX Crude Oil could experience a relief rally or a reversal in the vicinity of these levels, with the potential to test the 7000 levels in the future . Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitt...
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MCX Copper Anticipated Happened

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 MCX Copper daily chart anticipated on 26th September 2023 MCX Copper daily chart happened on 5th October 2023 Analysis In my previous update on MCX Copper I had mentioned that red metal will dip towards 696 levels when it was trading at 713 levels. The base metal made a low below 696 on 5th October 2023 thereby achieving my levels - Anticipate Happened To read my previous article on MCX Copper, click on the below link https://www.marketanalysiswithmeghmody.com/2023/09/mcx-copper-neo-wave-neutral-triangle.html The base metal made a Neutral Triangle pattern and then it started plummeting the gains there by falling around 2.50% Currently it is in wave c and it looks like it is making an ending diagonal pattern (still not confirmed) The summation is MCX Copper can complete the ongoing leg and after that it can start moving higher. I will be monitoring the development in this asset class and will update accordingly. Join my Telegram Channel :  https://t.me/elliottician1 Join My Tw...
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