May 23, 2011

  • ES is hitting the cloud in daily time frame.
  • For moving down further price should break the cloud.
  • Price is staying below 50 DMA which is good for bears. 
  • Bulls need to come back above 50 DMA for a turn around to happen. Price sustaining below 50 DMA will continue to favor bears
  • Description is given in the chart please click the chart to enlarge.
  • Nifty spot 15 Minutes chart with the morning GAP
  • If 5417 is not broken today we may see the GAP getting filled completely. 
  • Below 5417 and 5400 Bears will be stronger and a breakdown towards 5350 is possible.
  • See the marked area in chart which is the golden ratio which has been saving bulls for the past three weeks.
  • Price has violated this level 3 times but was not able to close below it.
  • If bears are to extend gains they have to close the week below this 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