November 10, 2012

  • Weekly Doji star has given the seventh bearish candle in a row.
  • Price has closed below 50 Week SMA.
  • Hope for bulls is to sustain above 50% Fib level and 522 level for a possible turnaround to happen. Weekly stochastic has reached oversold zone But price is yet to show any sign of turnaround yet. For bulls price should move back above 50 Week SMA for a bigger bounce to happen.
  • Below 522 Next target could be 493 which is the golden ratio shown in the second chart.


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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