Market Analysis With Megh Mody

 FinNifty daily chart Analysis The index is moving in a higher highs and higher lows but RSI is exhibiting negative divergence which is a sign of caution. However, it is  not clear that the index has started moving down in another leg. So it is important to see if previous supports are taken out of not going ahead which will discontinue the positive formation. As per Wave theory, the index has completed wave 5 of wave c of wave B or a part of it as the correction after wave 5 is corrective in nature and has retraced 50% of it. So there can be an attempt for the index to move higher towards its previous high. The summation is, as far as 19450 is intact on the downside there can be an attempt made by the index to move towards 20600 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Bank Nifty daily chart Analysis Bank Nifty which has moved higher in five waves faced resistance at 38.2% from 0-3 added to 4, formed a doji in the daily chart and from there prices are moving down, the current fall looks to be corrective and it is imperative that prices break 44500 for more clarity of correction. If not, then the index will continue to climb higher. The index has completed five waves up in the form of wave c of wave B and can start the down move in wave C. However, the down move is corrective in nature which indicates wave C on the lower side has not started. The summation is Nifty bank needs to break 44500 which is the support of the rising channel, break of this will infuse selling pressure which can drag price towards 44100 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Nifty weekly chart Analysis Nifty has crossed its previous week high thereby negative the importance of shooting star which was formed two weeks prior. However, it still hovers near to 127.6% of the Fibonacci resistance which is still very much active. It is imperative for the index to cross this zone of  9500-19700 decisively to open further positive possibilities which can take the index towards 21000. From Waves perspective, the index is still moving in wave v of wave c of wave B and as of now there is no reversal. The summation is if Nifty crosses the zone of 19500-19700 decisively then this will be impulsive and not corrective which can take the index till 21000. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Taiwan Weighted Index daily chart Analysis In my previous update I had mentioned for TWI, " Taiwan Weighted is near crucial resistance, any sustainable move above 17,100 will continue the uptrend and the benchmark can reach till 18,000 levels. However, reversal from current levels will drag prices till 16,300-16,100 levels." The index crossed 17100 and from there it slumped towards 16400 levels but again it closed above 17100 levels thereby opening positive possibilities for the index to reach now towards 18000 and beyond. To read my previous article on TWI, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/06/taiwan-weighted-anticipated-happened.html As seen in the above chart, prices are in the last leg of the 3rd wave which is wave v and can go till 17600-17700 levels from there, there can be wave 4 which will mainly remain sideways as wave 2 was steeper (alteration) and then eventually wave 5 will start which can go above 18000 levels. The...

 Silver Comex daily chart Analysis Prices are moving above the falling channel and can move higher near to its previous high placed at $26.00 levels going ahead. However RSI is in overbought terrain and can relieve from here. As per wave theory, prices are moving in corrective wave or can also be an impulse if it continues to move higher well above $26.00 levels.  The summation is Silver Comex prices can surge till $26.00 levels going ahead and can even move higher once its resistance is taken out decisively. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 BTC daily chart Analysis From the above chart, prices are moving in a higher highs and higher lows and it is in a stealth uptrend thereby opening positive possibilities going ahead. As per Wave theory, prices are moving in an impulse fashion where wave iii of wave iii is extended also known as extension within extension. This entire up move has the tendency to reach towards $48000-$50000 minimum. As of now prices can consolidate in the range of $31600-$29800 levels, one the above extreme breaks it is likely that the crypto can soar till $35000-$38000 price zone. The summation is Bitcoin is likely to move till $35000-$38000 zone once the level of $31600 is taken out decisively. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 EURINR daily chart As seen in the above chart, prices have crossed its series of tops at 91.5-91.70 levels which was acting as a crucial resistance. The pair crossed this resistance decisively and closed above it on strong footing giving an strong indication that the trend is positive and can move higher going ahead. There can be a counter correction coming into this pair which can be utilized as a buying opportunity. From Waves perspective, prices have completed wave 1/A and 2/B and has opened wave 3/C which can move higher from here. Also wave C or 3 will be impulsive in mature where wave 1 of wave C/3 is on the brink to complete that can start wave 2 lower near to 91.00 levels which can be a buying opportunity. The summation is EURINR is positively poised and can move higher once there is a dip close to 91.00 levels for the level of 94.50. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlM...