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.
  • 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 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.


All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.


Blog Archive

Powered by Blogger.

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