Market Analysis With Megh Mody

MCX Zinc (Daily Continuous Chart) MCX Zinc has completed five waves down which can be seen in the above chart. The third wave down has shown an extension which means that the subdivisions are clearly seen which is marked in a bracket. Wave v is truncated, that is it has failed to move down below wave iii. Prices have started moving higher as a new leg on the upside. As of now prices can move in between 180-185 levels followed by a correction which can be sideways to negative and again resumption of the trend will be seen which can surpass 200 levels.

Canara Bank Daily Chart Canara Bank one of the PSU banks which saw some serious selling last year and current year but it seems that the selling pressure is likely to end and change in trend for this stock is likely. The fall from 440 till 216 was in an impulse fashion. I have marked (i,ii,iii,iv and v) ending at 216. The recent up move is also an impluse move and the marking is i and ii, indicating wave iii on the upside can start soon soaring prices till 330 levels. Two short term moving averages show a bullish crossover where 20 EMA (red) is above 50 SMA (blue) after almost nine months excluding the whipsaw. In short, the view is bullish for this PSU stock as it can surge till 330 where cluster of resistance is placed over short term. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid online webinar which will help you to learn in dept analysis of price along with time. The price for the webinar will be 100...

MCX Copper Daily Continuous MCX Copper has started to plunge once it discontinued the higher high and higher low formation which eventually broke the rising channel as well. Prices recently made a low of 402 and turned its direction up till 434 levels. Interestingly, the up move was very slow and the weekly candle has formed a bearish candle. This indicates, that prices will fail to cross 439 levels and will turn down in coming week. As per wave theory, the red metal has formed a counter trend after the fall from the high of 493 to 402.  Now after completing wave i and wave ii on the downside, I am expecting prices will plummet near till 395-390 levels in form of wave iii. In short, the bias is firmly negative for Copper as it is expected to test 395-390 levels in near to medium term. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid online webinar which will help you to learn in dept analysis of price along wi...

Yes Bank Daily chart From the above chart, Yes Bank is tumbling aggressively esp after discontinuing the higher high and higher low pattern, thus opening negative possibility. It is now likely that the stock is likely to fall further close to the Fibonacci levels. As per wave theory, I have marked wave A as a flat and wave B as a complex correction and as a whole A and wave B is an irregular flat pattern. So on the downside wave C has already started which can drag prices lower till 305 levels (100% of wave A to wave B). The bias is firmly negative for Yes Bank and can test the level of 305 in near term. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid online webinar which will help you to learn in dept analysis of price along with time. The price for the webinar will be 10000/- for two days. To book the seats mail to meghmody@gmail.com   

EURUSD Daily chart In my previous update of EURUSD dated 15th July 2018, I had mentioned, " In short, expect prices to stumble close to 1.150 in near term." The single currency made a low of 1.130 and showed signs of reversal- Anticipated Happened EURUSD made a triangle pattern which can termed as a continuation pattern before diving till 1.130 levels. The entire down move is been marked as an impulse pattern which has five legs in it. The last leg of wave v is over in the form of wave A and the up move seems to be in wave B which consists three corrective waves in it (a-b-c).  Currently prices are forming inverse head and shoulder pattern, in which prices are in process of making the right shoulder. Once the level of 1.170 is taken out on the upside prices can soar near till 1.20 levels over medium term. In short, once single currency crosses the level of 1.170, it can surge till 1.20 over near to medium term. Learn Elliott Wave and Neo Wave to for...

Daily Chart of Bank Nifty From the above chart of Bank Nifty, it is visible that prices are moving precisely in a rising channel by forming a higher highs and higher lows which is a positive formation. As far as prices persist in this channel, the bias will remain positive. Technical indicator RSI as shown in the chart has relieved from the overbought zone and can resume the uptrend soon. As per Wave perspective, the channelized move is an impulse wave, in which wave iii is either ongoing or it is over. It can also be extended or can be an extension within extension. However it is early to jump to the conclusion. This means wave iv and wave v is still pending. In short, the bias is positive and prices can test 29000 or above that in near to medium term with the crucial support of 27500.

EURUSD EURUSD is moving down in an impulse fashion. Recently it has completed wave iv after extended wave iii, thus opening the possibility of wave v on the downside which can tumble prices till 1.150 or even lower. However, wave v can also be a failure, particularly known as truncation. So I will be bearish for this pair with the support at 1.150 and if it is broken then acceleration of downtrend will continue. In short, expect prices to stumble close to 1.150 in near term.