Market Analysis With Megh Mody

 EURUSD daily chart Analysis I had mentioned about the single currency in the month of November that, " EURUSD has changed its direction and has shown massive strength which will soar prices near till 1.07-1.09 levels over short term." EURUSD surpassed the level of 1.09 levels and from there it is consolidating within the range of 1.0850-1.0920 levels. I was bullish for this currency when it was trading at 1.0350 levels. To read my previous article on EURUSD, click on the below mentioned link. https://www.marketanalysiswithmeghmody.com/2022/11/dxyeurusdgbpusdusdjpy-elliott-wave.html EURUSD is currently trading in wave v which is the last leg of this impulse move. However, there is a minor leg pending on the upside which can take prices near till 1.0930-40 levels. Once this leg is over wave v will end in an ending diagonal pattern. After that wave a on the downside will open which can drag prices towards 1.06-1.05 range over short to medium term. The summation is EURUSD can fa...

 Nifty daily chart Nifty 120 mins chart Analysis In my previous update on Nifty dated 15th January 2023, I had mentioned that, " Nifty has one minor leg on the downside towards 17800-17750 which once completed can soar prices towards 18350-18400 levels over short term." Nifty moved lower towards 17850 levels close to my mentioned level of 17800-17750 and then started moving higher. It made a high of 18188 after that and has come back towards 18000 levels. To read my previous article on Nifty, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/01/nifty-elliott-wave-analysis.html From the daily chart, Nifty came down towards 17800-17750 levels where it ended its minor leg on the downside and then started moving higher. For RSI there is plenty of vacuum to come to overbought terrain which indicates that the bias for the index is positive going ahead. As per 120 mins chart, the index has not only completed the falling wedge pattern but also moved ab...

 Bank Nifty daily chart Bank Nifty 120 mins chart Analysis As seen in the daily chart, prices continue to move in a sideways to positive trend with bias slightly upside. Previously I had mentioned that Bank Nifty can move towards 43000 and I will continue to hold my target with support intact at 41600.  The level of 43000 is where the resistance of the trend line is placed which can be tested. Any move above this level will open further positive possibilities.  From 120 mins chart, prices after forming a base of 41800 has crossed the level of 42500. Remember I was bullish for the index when it is trading at 42371 and hade mentioned that it will soar towards 43000 levels. RSI has enough vacuum to move towards overbought terrain. According to wave theory, prices are either moving in wave x which is the ongoing wave or it is part of wave b. One thing is for sure that it is moving slowly and can test 43000 as part of wave x or wave b. The summation is Bank Nifty is positively...

 USDJPY daily chart Analysis As seen in the above daily chart, prices are moving in a lower highs and lower lows which is a negative formation. However, there is some kind of movement at the bottom which signifies that downside is limited or on the brink to reverse.  At the bottom it is very clear that falling wedge pattern is seen which is an indication that prices can possibly end the downtrend and and up move can start. However, there needs to be a price confirmation for it. RSI has also exhibited positive divergence. From Waves perspective, prices have completed five waves down in an impulse pattern at 127.8 levels. It is important for the pair to move above 131.4 which can surge price towards 136.8-137 levels. The summation is USDJPY is set to give a resilience which can soar prices towards 136.8-137 levels, once the level of 131.4 is taken out decisively.

 CAC40 daily chart Analysis From the above chart, prices are moving in a higher highs and higher lows, it seems that prices have some more vacuum on the higher side which can take prices near to its previous high. As per Wave theory, the index is moving in a flat pattern (a-b-c) where it completed wave a and it is currently moving in wave b in which it is moving in wave c where last leg of wave c is pending which is wave v. The summation is CAC40 can move towards 7200-7250 levels from current levels over very short term.

 MCX Crude Oil daily continuous anticipated on 17th Dec 2022 MCX Crude Oil daily continuous happened on 26th December 2022 Analysis In my previous article, I had mentioned that, " MCX Crude Oil is all set to move towards 6500-6600 price range before major fall starts." In no time the black gold moved higher and achieved my mentioned level - Anticipated happened To see my previous article on MCX Crude, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/12/mcx-crude-oil-elliott-wave-analysis.html As seen in the above chart, prices are moving in a lower highs and lower lows which is a negative setup. It is also moving precisely in a falling red channel. At current juncture, Crude Oil prices has arrived near to the resistance of the channel. It is imperative to see if prices cross this resistance or continues to falter. Any move above 6800 will give a bullish break in falling channel pattern. If prices break the level of 6200 on the downside then it...

 Nifty 120 mins chart Analysis Nifty continues to move in a stiff range of 18100-17750 levels. It seems there is no directional move for the index. However, there is a high possibility for the benchmark to give a move on the higher side soon. On daily chart prices continue to show in a downtrend where it is placed below both the moving averages 50 SMA and 20 EMA. On the downside there are cluster of supports including Gap support, Bollinger Band support (lower band). As far as prices don't breach this support there is a possibility for it to move higher from current levels. From 120 mins chart, prices are moving in a falling wedge pattern and it seems there is one leg on the downside pending which can drag prices lower till 17800-17750 levels and then it can move towards 18350-18400 levels. RSI on short time frame has started exhibiting positive divergence hinting that limited downside is expected. As per Wave theory, prices are moving in wave v where endin...

 USDINR 4 hour chart Analysis In my previous update dated 8th January 2023 I had mentioned that, " USDINR is negatively firmly negative and can test the level of 82-81.90 over very short term. Break of this level can test 81.50-81.20 levels over short term." Prices after breaking 82.50 has started falling and reached till 81.80 levels which was also broken decisively thus opening further negative possibilities and achieved my second level of 81.20 thereby fetching 1.60%- Anticipated Happened. To see my previous article on USDINR, click on the below link https://www.marketanalysiswithmeghmody.com/2023/01/usdinr-bow-and-tie-diametric-pattern.html From Waves perspective, prices are moving down in a corrective wave and since it has completed wave c of wave a this will open wave b higher which can go till 81.80 to 82 levels which can be a part of wave a of wave b. The summation is USDINR can move towards 81.80-82 levels over short term.

 EURINR 4 hour chart spot Analysis In the above chart, the pair is moving in a higher highs and higher lows which is a positive formation. Currently prices are moving precisely in a rising channel and it is near to the support of the channel. On the downside it has a very crucial support of 87.40 levels, which I think will be protected (closing basis). RSI has enough vacuum on the upside which can take prices higher going ahead. From Waves perspective, prices are moving in wave v in which it has completed wave i and possibly wave ii. This will unfold wave iii of wave v higher near till 89.50-89.90 price range. The bias remains positive for the pair. The summation is EURINR will continue to move higher with support of 87.40 (closing basis) and on the upside it can test the price range of 89.50-89.90 levels.

 Hang Seng daily chart Analysis Hang Seng was moving precisely in a falling channel and was moving in a falling channel until the channel was broken thereby giving positive sign. Prices not only broke the resistance but is above trading above it which is a positive sign. However, RSI is in overbought zone and there are chances for it to relive from it. As per Wave analysis, prices completed double correction (a-b-c-x-a-b-c) which earlier I thought it could be triple correction. I was wrong in that. After completing wave c of the second correction, prices have started fresh leg on the upside which looks to be impulsive. As of now wave iii of wave iii is in motion and wave iv can unfold soon which can re-test the support of the channel (earlier acting as a resistance). The summation is Hang Seng can move towards 21000-20500 and then resume the uptrend to reach near till 23500-24000 price range.

 MCX Copper daily chart Anticipated Happened  Analysis In my previous update on 12th December 2022 I had mentioned , " MCX Copper is set to move in a positive direction and can test the level of 770-776 over short term."  MCX Copper has made a high of 773.5 on 12th January 2023 thereby surging 9.56%. - Anticipated Happened To read my previous article on MCX Copper, click on the below link https://www.marketanalysiswithmeghmody.com/2022/12/mcx-copper-elliott-wave-5-on-move.html The red metal continues to move in a higher highs and higher lows which is a positive formation. Also it is persisting in a rising channel and has arrived near to the resistance of the channel. The level of 770-776 has multiple resistances and it seems that prices can take a breather from hereon. On ADX front, it is quoting at 33 which indicates that there is a lot of strength in the ongoing uptrend. From Waves perspective, prices are moving in wave iii or it is on the brink to fade. Prices have arr...

 Nikkei daily chart Analysis In my previous report dated on 5th December, I had mentioned for Nikkei 225 that, " Nikkei 225 can plunge towards 26800-26500 zone over short term with resistance at 28350." Prices reversed from the resistance and faltered to test my level of 26800-26500 zone thereby achieving 4.60% - Anticipated Happened.  To view my previous article on Nikkei, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/12/nikkei-225-revisited.html The index is currently at support and has shown a reversal near the bottom which is likely to hold. As far as prices are above 25000 levels prices are likely to revisit the levels of 28000 or even higher over short to medium term. The bias for the index now looks to be positive over short- medium and long term.  From Waves perspective, prices have completed Neo Wave diametric pattern where it recently completed wave g which is the last leg of the pattern (a-b-c-d-e-f-g). Now the...

 USDINR 2 hour chart (spot) Analysis As shown above chart, USDINR pair has been moving in a stiff range of 83-82.60 levels from quite some time. Initially I thought it is moving in an ending diagonal pattern but later it turned out to be another Neo wave pattern. Last week it managed to move down below the important support of 82.50 but on Friday it moved back till 82.76 levels but closed at 82.68 levels. Once the support is broken prices will not sustain higher and as a result it is bound to break further levels on the downside. At present the closest support is at 82-81.90 levels which is the the support of the channel, From waves perspective, prices completed Neo wave bow and tie diametric pattern and has started wave c lower. It took almost more than a month to complete wave b and has opened wave c lower which can test 82-81.9. Only a break below this level will accelerate more selling which can drag prices towards 81.50-81.20 levels. The summation is U...

 Comex Gold daily chart Analysis From the daily chart, Comex gold is moving in a sideways pattern mainly in a range of $2100 - $1650 levels. Prices are moving in this range and have bounced recently from the support of $1650 levels, currently trading at $1860 levels. As far as the level of $1650 is intact on the downside the bias is positive and can test the upper extreme of the range which is $ 2100. As per Wave theory, prices are moving in a corrective structure and have completed wave (a-b-c) in a regular flat pattern, where it completed wave c at $1650 levels. Now it has opened a fresh leg on the upside which can go near to $2100 or even cross this hindrance. The summation is Comex Gold is positively poised and can move higher from current levels towards $2100 over short to medium term with support placed at $1700 levels.