Market Analysis With Megh Mody

MCX Copper 60 mins chart MCX Copper in hourly chart is hovering near to the resistance of the rising channel. This opens the possibility that prices can correct from current levels which can drag prices lower till support of the channel. From wave perspective, prices are moving in an impulse fashion (i-ii-iii-iv-v). It seems it has completed wave v and it is set to move down in wave a of one higher degree. In short, MCX Copper is expected to tumble in-between 455-453 levels over short term with resistance placed at .... It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis.  If I can do it, you can also do it. All you need to do is mail me at  meghmody@gmail.com  and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of price and time, how to anticipate, tools required to anticipate the rise and f...

SBI 60 mins chart Anticipated on 8th February 2019 SBI 60 mins chart Happened on 14th February 2019 In my previous update I had mentioned that, "SBI is consolidating in a sideways pattern mainly in a range of 285-300 levels after a dynamic fall from 307 to 276 levels. Short term moving averages 20 EMA (red) and 50 SMA (blue) have given a bearish crossover which is a negative sign. From wave perspective, currently …. formation is in making which will end up in a running flat pattern. If it is true the post implication will be dynamic dragging prices way lower. This wave structure helped me to foretell the dynamic fall before it happened. Prices tumbled from 285 till 265 levels which was anticipated by me, giving a return of over 7% within time of a week. Now what is the next trend forming in SBI we will see as the wave progresses. If I can do it, you can also do it. All you need to do is mail me at meghmody@gmail.com and subscribe to my two day paid semin...

USDINR Daily Continuous chart USDINR is currently hovering near the resistance of the falling trend line. However, the short term moving averages have given a bullish crossover after two months from its previous crossover. It is important for prices to move above 71.50 levels for further positive possibilities which can push prices higher. Any sustainable move above 71.5 will make price surge near till 80% of the previous fall which is placed at 73.6 levels. RSI has exhibited positive divergence. Wave theory suggests that, prices might have completed wave a in three wave structure (a-b-c) at 69.2 and is now moving higher in wave b which can be close to the above mentioned level. In short, USDINR will surge till 73.6 levels over short to medium term once the level of 71.5 is taken out decisively. After 71.5 is crossed the support will be placed at 70.90 level. Learn Elliott Wave and Neo Wave to forecast prices in various asset classes. Subscribe to a two day paid on...

ICICI Bank Daily Chart ICICI bank is currently moving in a wedge pattern. Wedge pattern is normally a reversal pattern. However, in ICICI Bank it seems that minor leg on the upside is pending. This minor swing can surge till 390-392 levels where the resistance of wedge is placed. As per wave theory, this overlapping structure is termed as a ending diagonal pattern. The last leg wave v is still ongoing. After completing wave v, a dynamic move is expected which can make price tumble near till 330 levels which is near the support of wave iv. Conclusion, prices can move in between 390-400 levels. However, this move will not be sustainable which will eventually make price falter till 330 levels over 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 with time. The price for the webinar will be 10000/- for two days. To book the seats...

Bank Nifty (Daily Chart) Bank Nifty witnessed a counter trend after a steep fall last year. However, the current counter trend is on the brink to complete. The trend has arrived near 80% retracement of the previous fall (28388-24240), It is also been observed that a bearish pattern is in making near the resistance. RSI on daily is exhibiting negative divergence. As per wave theory, I have marked wave a at 24240 and wave b which is on going. In wave wave b, which is a three wave structure (a-b-c) within which we can see ending diagonal pattern, occurring in wave c of wave b. Completion of wave ii will open wave iii downside which will be steep and highly volatile. Conclusion: Prices are near resistance, a move below 26900 will start a steep move downside dragging it lower till 24000 and further lower. 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 o...

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...