October 15, 2012

 
  • SPX 30 Minutes chart shows a possible falling wedge pattern.
  • Next two charts shows possible resistance levels in one hour time frame.
 
  • Gold 4 Hour chart shows a possible support zone which has to be broken by bears for reversing the trend and changing the bullish structure completely.
  • Price also near 50 Day SMA and 10 Week SMA.
  • Weekly chart is falling after a bearish inverted hammer pattern at the top. More falls if the levels mentioned above fails to hold. 
  • SILVER CHART ANALYSIS
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  • Silver Daily chart testing 50 Day SMA. Silver bears need a close below this crucial moving average for a bigger fall.
  • Price testing 23.6% Fib level.
  • Price is unable to make progress into the weekly cloud. A Weekly close below the cloud will be negative for silver bulls.


  • First chart is the bigger time frame which shows price trying to take support at the daily trend line.
  • Next two charts are hourly time frame which shows price testing immediate resistance lines. If the attempts at the lower time frames are successful we may see a bigger up move in daily chart.
  • SPY WEEKEND UPDATE
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  • Support levels of ES 4 Hour chart is violated. Levels in daily chart is getting tested.
  • Price is testing the crucial up trend line in daily chart. Bulls need to hold above this line to avoid a bigger fall.

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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