Market Analysis With Megh Mody

 LME Copper Weekly Chart Prices are moving in corrective formation which can eventually be a complex correction or a pattern , which can be identified as an when it unfolds. However, it seems that prices are currently moving in wave B of a corrective pattern. This wave B can move up to 80% of wave A (10950-8695). Post wave B termination, it will fall back in the form of wave C. The bias as of now is positive for LME Copper as it can move towards 10500 levels which is 80% of wave A (minimum). CMP 9761

 Nifty Daily Chart Nifty is moving in a bow and tie diametric formation in a correcting manner and it seems that Diametric is still under formation and wave f is still under motion which can push prices higher towards 22890 -23050 price zone. After completing this wave f, wave g in the opposite direction will start and will break below its previous swing low of 21997 and will make a new low. The bias is sell on rallies for Nifty near to 23000 levels and can expect the index to forma bottom near to 21500 levels or near to it.