November 4, 2011

  • Rising Up trend line shown in second chart or the support line of the triangle should hold for bulls.
  • Break down below the triangle will take ES towards 1150 levels.
  • Bulls are hoping that the low on the Rising trend line acts as a major Higher Low which can keep the up trend going in Higher time frame.
CHART-II (UPDATED)
CHART-I
  • Gold is pausing near the resistance line of the bigger channel.
  • Correction may extend if the small channel drawn in Chart-ii gets broken.
  • Bigger up move will be possible if the resistance line of the bigger channel gets broken.
  • ES AT GOLDEN RATIO
  • MCX CRUDE OIL CHART
  • ES Four hour chart sustaining above 50 SMA will favor bulls.
  • Last hope for bears is the Golden Ratio of the recent fall. 
  • Price sustaining above Golden ratio will give new highs. 
  • Click to enlarge the charts to read the description.
  • Price is near Resistance levels. But it is also near 200 Day SMA which is a trend changing level. So one has to wait and see how price reacts here to take the next trade. If price reacts negatively from month High EMA a short trade is likely to give bigger profits.

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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