Market Analysis With Megh Mody

 MCX Gold 60 mins continuous chart From the above chart, prices are moving in a sideways direction and it is important that there is a trending move in either direction. Gold and Dollar Index moves in opposite direction. With strengthening in Dollar Index, gold will lose its shine. The short to medium term is negative as it is moving in a lower high and lower lows and precisely in falling channel. Currently the yellow metal is hovering near the resistance of the falling trend line and it is important for price to reverse from current juncture. As per Wave theory, prices have completed wave a in complex correction and currently it is moving in wave b in diametric pattern. Once wave b is over wave c on the lower side will start which can drag prices till 49500-49200 levels. The summation is MCX Gold is negatively poised and can falter near till 49500-49200 levels over short term.

 Nifty daily chart anticipated on 10th June 2022 Nifty hourly chart happened on 16th June 2022 I had mentioned that the index is wean and can falter going ahead. In my previous article I stated, " Nifty can falter towards 15450-15350 range over short to medium term." The index plunged and made a low of 15350 levels thereby achieving my above mentioned level- Anticipated Happened. To view my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/06/nifty-and-road-ahead-with-elliott-wave.html As per Elliott Wave, prices have completed wave a of second correction and can move higher in the form of wave b of second correction post wave x. Corporate results is set to release in the month of July and so there are high chances for index to pull back. The summation is Nifty is all set to give a pullback which can only be possible above 15850 levels, leading it till 16200-16800 levels over medium term.

 MCX Crude Oil 60 mins chart MCX Crude Oil has soared to its all time high of 10000 levels in past 2 years from marking an all time low of negative figure, thus gaining 10000% returns, but the rally seems to have now formed a distribution pattern and has also reversed. This is an indication that selling pressure will intensify going forward. I had also mentioned in my previous article that 5th wave will move towards 10000-10200 levels as wave 5 has the tendency to fail, but still I managed to catch wave 5 from 8200 to 9600. From Waves perspective, prices completed wave 4 in a triangle pattern and wave 5 in an ending diagonal pattern. Also wave 5 is truncated, meaning a failure, where it failed to move above wave 3 as wave 1 was extended. There is a high possibility that prices will sink towards the level of 7500 over short term. The summation is MCX Crude Oil is set to sink till 7500 INR followed by 5000 INR over short to medium term. To view my previous article on MCX Crude Oil, c...

 ETH/USD 240 mins chart Cryptos has witnessed one of the biggest bearish trend in its time. However, nothing lasts forever and this to will end. Prices in the above chart is moving in a falling channel indicating that the trend is negative, but for me it is not possible to come to a conclusion that it will falter from the current juncture. The Crypto has arrived near to the support of the falling channel and a resilience from here is likely. As per Elliott Wave, the fall from the top is a simple zigzag where wave a was an impulse followed by wave b and wave c down in an impulse. Wave a and wave c follow the rule of equality, so there is a high possibility for prices to either move up in wave x or a fresh rally will start.  The summation is ETH is all set to bounce from current levels and can test $2500 over short to medium term.

 MCX Natural Gas 60 mins anticipated on 10th June 2022 MCX Natural Gas 60 mins happened on 14th June 2022 MCX Natural Gas has dipped by over 130 points after writing this article. I had mentioned in my previous article, " MCX Nat Gas is all set to plunge till 520-500 levels over short to medium term." Prices test the level of 550.9 which was close to my range of 520-500 levels. MCX Natural Gas cracked by over 19.59%. - Anticipated Happened. To view my previous article on MCX Natural Gas, click on the below link https://www.marketanalysiswithmeghmody.com/2022/06/mcx-natural-gas-elliott-wave-ending.html

 DXY daily chart anticipated on 31st Jan 2022 DXY daily chart happened on 13th June 2022 In my previous article on Dollar Index, I had mentioned that , "  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." Prices reached till 105 levels after the US inflation data shot up above 8% since past 40 years which will open aggressive interest rate hike by FED- Anticipated Happened. To view my previous article on DXY , click on the below link https://www.marketanalysiswithmeghmody.com/2022/01/dollar-index-dxy-elliott-wave.html From Waves perspective, prices are moving in a extended impulse wave and is all set to complete the upmove. The index is currently moving in wave v and is on the brink to complete this last leg which eventually lead prices to a corrective wave. USDINR is also moving in a distribution pattern and can reverse anytime soon. To view the article on USDINR, click on the below mentioned link. https:/...

 Deepak Nitrite 60 mins chart anticipated on 24th April 2022 Deepak Nitrite 60 mins chart happened on 10th June 2022 In my previous article, I had reiterated, " Deepak Nitrite can sin to the level of 1800-1750 levels over short term with the resistance placed at 2400." The stock plunged below 1750 levels on 10th June 2022 thereby achieving my above mentioned levels - Anticipated Happened To view my previous article on Deepak Nitrite, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/04/deepak-nitrite-elliott-wave-analysis.html As per Wave theory, prices have either completed wave a after wave x in double correction or it has completed wave c of a normal correction (a-b-c). In both the scenarios there are chances for the stock to show a relief rally.