Market Analysis With Megh Mody

 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...

 Nikkei 225 Anticipated on 26th Sep 2023 Nikkei 225 Anticipated Happened on 3rd Oct 2023 Analysis From my previous update on Nikkei 225 , I had mentioned that the index has formed a truncation and it is expected that it will falter towards 31250-31000 levels when it was at 32419 levels. The index plunged towards 30470 levels by opening with a huge gap down thereby achieving my mentioned level - Anticipated Happened To read my previous article on Nikkei 225, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/09/nikkei-225-truncation-and-elliott-wave.html As prices have dipped and made a low of 30470, from there on wards it has started moving higher in form of wave b where it can be a part of wave a of wave b which will be followed by wave b and wave c thereby completing wave b at one higher degree. In coming days Nikkei 225 will be trading in a broad range of 30700-33000 levels. The summation is Nikkei 225 is moderately positive from current levels as ...

 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 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

 EURUSD daily chart Analysis As seen in the above daily chart, prices are making a high at 1.12 started tumbling down in a lower highs and lower lows fashion which is a negative setup. Just before US inflation data the pair was trading near to the resistance of the trend line and later it started shedding the gains as the pair was trading well above 1.0630 levels. From Waves perspective, prices are moving in triple correction (a-b-c-x-a-b-c-x-a-b-c) where in the first two correction is done and recently it also completed wave x at 1.0635 levels which has opened the third correction in the form of (a-b-c). However, if the pending correction does not happen and before that 1.0650 is taken out then it will not be the tripe correction as anticipated. It is also believed that there is a perfect positive correlation between Gold and EURUSD which seems to be decoupling as Gold has rallied the most post middle east conflict whereas EURUSD is under pressure due to Dollar strength. Below is ...