February 9, 2011

  • Like ES spy too is doing a small rising wedge in hourly chart.
  • One can expect a correction if spy falls below 131.70 levels.
  • ES Four hour chart is showing a rising wedge pattern.
  • Price has given a negative break of the supporting trend line.
  • If ES breaks below 1313 and sustains below 1313 bears will extend gains.
  • If Price fails to break below 1313 we will see another new High for ES soon.

  • The resistance line shown in 5 minutes chart is also a possible neck line of a small inverted head and shoulders pattern.
  • If 5309 is taken out by bears then the balance of power will shift towards bears and they will get stronger if day low(5263) breaks again.
  • Breaking above the resistance line and closing above this line may confirm a short term bottom for nifty futures.
  • 5350 too has gone without any big fight. Bears did it easily.
  • The broken level is also the golden ratio. So the next target is the 78.6% level at 5118
  • The RSI in weekly chart is slipping below 30% line again. This may give an oversold bounce.

  • Dow Jones monthly chart with Fibonacci levels.
  • Fibonacci levels for the fall from 14198 to 6469.
  • 12500 is near the 78.6% fib level which may act as the next resistance level.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore