August 25, 2011
- Today's correction happened after the appearance of PIN BAR formation in four hour chart.
- PIN BAR is a powerful reversal candle.
- It has come at 50 Period moving average for this time frame.
- So if price manage to stay below 50 Period moving average in four hour time frame we may see an extended correction.
- SPX Daily chart is approaching 20 day moving average. Closing above 20 DMA will help bulls to extend this up move.
- 4 Hour charts looking positive for bulls . Last chart shows price closing above 50 Period moving average in four hour time frame. But we have to see if price is able to sustain at this level. If it falls from here then we may see good correction.
- 4 Hour charts also showing 38.2% Fib levels which may act as resistance.
- GOLD TREND LINE BREAK
- APPLE WEEKLY CHART WAS PRICING IN A BEARISH NEWS