May 6, 2013

  • Facebook falling after a dark cloud cover pattern in daily chart. Today's candle closing at the lows will add strength for the pattern.
  • 4 Hour chart shows price testing the breakout area. Price falling below this line will extend the fall towards 50 Day SMA shown in the last chart.
  • Correction limited to 50 Day SMA may resume the up move.
  • Ford weekly chart shows price above 50% Fib level.
  • Immediate resistance lines shown in chart 2 Weekly time frame and Daily chart shown in last chart.
  • ES 30 Minutes chart shows last weeks breakout from a cup and handle pattern and today's consolidation in a possible bullish flag pattern.
  • Any breakout may not have big upsides today as price is nearing a resistance line in daily time frame.


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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