MCX Silver anticipated happened and Elliott Wave forecast

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MCX Silver hourly continuous chart anticipated on 31st March 2020


MCX Silver hourly continuous chart happened on 20th May 2020


In my previous update dated 31st March 2020, I had mentioned that, “Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term.” On 20th May it made a high of 49500, thus achieving my mentioned level of 49200-49300 when it was trading at 41000, gaining stupendous 20%- Anticipated Happened.

Here is the link of my previous article on MCX Silver- https://www.marketanalysiswithmeghmody.com/2020/03/mcx-silver-elliott-wave-forecast.html

As per hourly chart, prices are expected to remain in a range of 46850-49400 after that there are high possibility to cross 49500 impressively which can soar prices till 50600 levels over short term. RSI has bounced from the oversold territory.

From Wave theory, Silver is moving in wave iv of the impulse rally, It is likely to make a flat pattern which will end near to 48800-48700 levels and after that wave v of the major trend will resume.

The summation is, prices will continue to progress with support below 46500 and can reach till 50600 over short term, the bias is firmly positive.

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

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Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Sterling and Wilson IPO


4 July 2020 at 15:58
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