March 31, 2011
- ES Four hour chart is showing a gravestone Doji Candlestick pattern.
- This is a bearish reversal pattern. Price has not able to go above the shadow of this candle yet.
- But one good thing for the bulls is that the breakout happened yesterday is still valid.
- Levels which should be broken by the bears are 1317 and 1313.
- Nifty Fibonacci chart shows price crossing 50% level. If week closes above this level we may see nifty moving towards the Golden ratio at 5894. Having said that one has to take a look at the second chart. Nifty during the fall shown on the second chart has made a consolidation during the middle of the fall. But the bulls are yet to consolidate they are doing a faster retrace of the fall. But i am expecting a consolidation to happen soon.