Market Analysis With Megh Mody

 ShibaInu/INR hourly chart As shown in the above chart, prices are moving down by breaking its previous lows which is a negative sign. By moving in a lower highs and lower lows, prices define negative trend. Currently it is moving in a sideways direction in which it has given a negative breakout. From Waves perspective, prices are moving in a corrective pattern (a-b-c) where wave a and wave b in running irregular flat is completed, wave c is in making where it has completed wave i to wave iv and wave v is pending. Wave iv is in triangle which got completed today, this opens wave v lower which can test 0.000755 INR   The summation is SHIBAINU is all set to plunge towards 0.000755 over short to medium term.

 DXY daily chart From the above chart, prices continues to rise in a higher high and higher lows fashion. This change of trend is assumed to have started when FED signaled hiking the interest rate last year. Prices which were consolidating in the range of 93-90$ levels, then gave a bullish break in a double bottom pattern.  The target of this pattern is almost achieved but it seems that more upside is left. As per Wave theory, prices are moving in a impulse fashion, where currently it is moving in wave iii which is extended, it is also an observation that wave iii of wave (iii) is extended too, this means there is extension within extension. Once wave iii is done, then there will be wave iv lower and wave v which can then move till 102-105$ levels. The summation is DXY has a support placed at 94.5, as far as it is protected, prices are likely to move till 102-105$ over medium term.

 Bitcoin hourly chart I have updated Bitcoin not long ago and I was into two minds that either it will bounce from $40000 levels or if broken will move towards $35000 levels. The level of $35000 is crucial as this level was tested before and from there it has made an all time high.  My view for Bitcoin is $75000 by this year as it bounce from current levels and reach towards it. This I had mentioned in my previous article as well. Here is the link of my previous article of bitcoin https://www.marketanalysiswithmeghmody.com/2022/01/bitcoin-elliott-wave-analysis.html It is imperative for prices to move above $40000 levels for the trend to change from negative to positive which will open doors for $75000. From Waves perspective, prices completed (w-x-y) pattern and will now move higher once the above mentioned level is crossed decisively The summation is BTC is all set to move higher towards the level of $75000.

 PFC hourly chart As shown in the above hourly chart, prices are moving in a lower highs and lower lows which indicates that the trend of the stock is negative and can dip going ahead. PFC is all set to break its previous low placed at 114 levels as it faced the resistance of the falling channel and all set dip next. From Waves perspective, prices have started to unfold wave c lower after completing wave a and wave b (counter trend). Wave c can move down till 105-104 levels over short term to medium term. The summation is, PFC is set to plunge till 105-104 levels from current levels over short to medium term.

 JPYINR Spot daily chart From the above daily chart, JPYINR is all set to reverse after the support of the lower channel is tested. Also, there is a high possibility for prices to break the falling channel which will open positive possibilities and also change the trend from negative to positive. Wave theory suggests that, prices have completed triple correction pattern (a-b-c-x-a-b-c-x-a-b-c) and it is set to reverse. Over short term, prices are expected to test 66.8-67 levels, a move above this level will open further positive possibility. The summation is JPYINR is likely to move higher near to 66.8-67 levels over short term.

 USDINR hourly spot chart As shown in the above chart, the pair is moving in a sideways direction and can possibly reverse from current levels changing direction from negative to positive. To support the above statement, it is important to see that the pair has made a reversal pattern near cluster of supports (marked by arrows). The reversal pattern is on the brink to complete once the level of 74.7 is decisively crossed. The reversal pattern is inverse head and shoulder pattern. From Waves Perspective, prices are moving in an impulse fashion after completing corrective pattern (a-b-c). In the impulse wave it has completed wave i and it is currently moving in wave ii, once it is complete wave iii can soar prices close to 75.6-75.7 levels (spot). The summation is USDINR is firmly positive and can move near till 75.6-75.7 levels once the level of 74.7 is decisively crossed and sustained.

 DLF hourly chart From the above chart, prices are moving in a sideways direction, particularly in the range of 450-350 levels. Recently it faced the resistance of the range and it is falling which can lead prices towards the support of the range. As per wave theory, prices are moving in flat pattern, where the first fall was complex correction ended in wave a thereafter it went up to complete wave b (a-b-c) perfect corrective pattern. Now it is falling in an impulse fashion to complete wave c which can move down in a range of 360-350 levels. The summation is DLF is negatively poised and can falter towards 360-350 levels over short term.