Market Analysis With Megh Mody

 MCX Zinc hourly continuous chart anticipated on 19th August 2021 MCX Zinc hourly continuous chart happened on 19th August 2021 In my previous update, I had mentioned that, " MCX Zinc is negatively poised over short term and can test the level of 244-243 levels." The base metal faltered in the opening session and tested the range mentioned, it made a low of 243.1 and reversed quickly- Anticipated Happened To check the previous article, you can click on the below given link https://www.marketanalysiswithmeghmody.com/2021/08/mcx-zinc-elliott-wave-analysis.html Prices have bounced from a crucial support range and can go through a relief rally or continue the uptrend. There are two possibilities from here which I can see Possibility 1 - Prices can now transcend into its previous high and convert into triple correction which will continue the wave (a) higher in the third correction (a-b-c-x-a-b-c-x-a-b-c) Possibility 2 - This is a part of correction either wave x or bigger correct...

 DLF daily chart anticipated on 19th August 2021 DLF daily chart happened on 20th August 2021 In my previous update on DLF, I had mentioned that, " D LF is expected to dip till 310-305 over short term with resistance placed at 340." The stock faltered and closed at 309 on the last trading day of the week and marked a low of 306.5, thereby achieving my mentioned level in a single day after the previous article on DLF- Anticipated Happened. Please click on the link to see the previous article on DLF  https://www.marketanalysiswithmeghmody.com/2021/08/dlf-elliott-wave-analysis.html The stock has given a bearish break in a rising channel formation and can even sink further now to the next possible support placed at 295-298 levels over short term. The summation is DLF is now weak and can move down towards 298-295 levels in near term.

SHIBA/USD hourly chart As shown in the above chart, the crypto currency is moving in a higher highs and higher lows, but now it is at a challenging terrain where it is difficult to come to a concrete conclusion that where and how it can resume the major trend. I have found out two important supports from where prices can reverse and resume it's uptrend (shaded area). Wave theory suggests, prices have completed an impulse wave and has started corrective wave, either the correction is over, as it is showing resilience or it will move back down in form of wave c to complete (a-b-c) pattern and slump till next shaded region. The summation is, Shiba Inu is near important support, break of $0.0000780 will sink price till $0.0000720. If it stays above $0.0000780 then it can surpass $0.0000950.

DLF daily chart As seen in the above chart, prices are moving in a higher highs and higher lows. However, it seems that the strength is fading away as prices has re-entered the in the terrain of its previous high. If this is a reversal prices will break the small channel within the big one and can test the support of the big channel. From waves perspective, prices have completed impulse move, where wave 1 was a leading diagonal, wave 2 normal correction, wave 3 had extension within extension, wave 4 is steeper as compared to wave 2 and wave 5 marginally crossing wave 3 high. Now correction has started which can drag prices near till 310-305 levels. The summation is DLF is expected to dip till 310-305 over short term with resistance placed at 340.

 EURINR hourly continuous chart As shown in the above chart, prices have completed the most complex correction after forming the top. This means that correction is still ongoing and it can now move even further, as lower highs and lower lows are intact on short term time frame. Wave theory suggests that, prices have completed wave a in a Neo Wave diametric pattern followed by wave b up in a complex structure and now it is moving down in wave c in impulse fashion. This wave c can now test 85.5 over short to medium term. The summation is EURINR is negatively poised and can sink towards 85.5-85 levels over short to medium term.

 MCX Aluminum hourly continuous chart Prices has been moving in a positive formation as it is trading above the rising trend line along with that its previous highs has been crossed decisively.  However, as per advance technicals, Wave theory suggests that prices can test its previous low. The entire upmove is corrective in nature and the recent formation looks more like a irregular flat pattern. In which it has completed wave and wave b and wave c has already started. This means wave c can entirely retrace wave b placed at 203-202 levels. The summation is MCX Aluminum can dip near till 203-202 levels over short term.

 MCX Zinc hourly continuous chart As shown in the above chart, MCX Zinc is moving in a higher highs and higher lows. However, the base metal has broken its previous low which opens negative possibility for this counter. It is very obvious, that Zinc prices will now sink near to its cluster of supports. From Waves Perspective, prices are moving in a double correction as of now where after completing the second correction, it has now entered in a correction mode. This correction can be the end of the previous upmove or can convert into triple correction, for this it is imperative to monitor the move. For very short term, a fall is inevitable. As wave c of the current correction can plunge prices near till 244 levels. The summation is MCX Zinc is negatively poised over short term and can test the level of 244-243 levels.