Market Analysis With Megh Mody

 MCX Gold daily chart Analysis MCX Gold has shown good bounce from the lower levels of sub 58000 and from there it has shown signs of reversal. The yellow metal is in stealth up trend as none of the previous lows are taken out there by indicating that the trend is firmly positive. As per Wave theory, prices are moving in wave iv after extended wave iii. Wave iv is likely to kill time where in it has completed wave a near to 58000 levels and has already opened wave b of wave iv which can go till 80% (minimum) and 123.6% -138.2% (maximum) possibility. As of now I think it can go till 61500 levels to 61800 levels which is 80% retracement of the previous fall. The summation is MCX Gold is positively poised from current levels, it is expected to move near to 61500-61800 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 MCX Crude Oil 2 hour chart In my previous update I had mentioned that Crude Oil can move towards 7000 levels and from there it can open deeper retracement possibility.  The commodity has started moving down in corrective wave and can stumble further as expected. To read my previous article, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/08/mcx-crude-oil-anticipated-happened.html Currently prices are moving down in a double correction (a-b-c-x-a-b-c) where it is in the process to complete wave x near to 6700 levels and from there it will open second corrective wave which will start from wave a by breaking its previous low. The first correction was a zigzag and second can be a zigzag or flat which will then change the correction name mentioned above. The commodity has also formed bearish head and shoulder pattern and the target of the pattern comes to 6100 levels which is also 61.8% of 5524-7026 levels. The summation is MCX Crude Oil is expect...

 MCX Natural Gas daily chart Analysis From the above chart, prices are moving in a sideways pattern, where prices are moving in a stiff range of 200 on the lower side and 230 on the higher side. As far as prices persist in this range the bias remains sideways. The broad range could be 170 on the lower side and 250 on the higher side. In the stiff range, any move above 230 can take prices near to 250 levels. A deeper correction cannot be rule out either. As per Wave theory, prices are moving in a sideways trend and can open double correction (a-b-c-x-a-b-c-) or a flat (a-b-c) The summation is MCX Nat Gas is expected to remain in a broad range of 170-250 levels. However, from current juncture, there can be an attempt towards 230-250 price range. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 MCX Crude 2 hour chart anticipated on 8th July 2023 MCX Crude Oil 2 hour chart happened on 4th August 2023 Analysis In my previous article dated 8th July 2023, I had mentioned that, " MCX Crude Oil prices can move higher near to 6800-6900 price range over short to medium term." On 4th August prices made a high of 6875 levels which is in the range which had mentioned one month earlier. Prices have move up from 6069 to 6875 thereby giving a gain of more than 13% in one month- Anticipated Happened. To view my previous article of Crude Oil, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/07/mcx-crude-oil-and-triangle-breakout.html As per Wave theory, prices are moving in wave c where five wave are very clear. The current ongoing wave is the fifth wave of wave c and might terminate near to 7000 levels (Minimum) which is 38.2% of wave 0-3 added to 4. The summation is MCX Crude can face resistance near from 7000 levels and can open another correcti...

 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