December 23, 2013

 
 
  • Price unable to move above 38.2% fib level and 100 Day SMA. 4 Hour chart shows price above crucial support line.
  • Price has to break any one of these levels on closing basis for a bigger move to happen.
  • BLACKBERRY Falling wedge pattern
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4 HOUR CHART
ONE HOUR CHART
 
  • ES 4 hour chart shows a Descending broadening formation. Price has given a bullish breakout around 1810 level. Pattern rules suggest a 40 -50 point move from the breakout level which should take price above 1850 levels.
  • One hour chart shows levels like 50 Hour SMA and hourly cloud which should be held for the above mentioned pattern to work well. 
  • One correction towards the breakout level cannot be ruled out. If price holds above the previous resistance zone then the up move will continue again.
  • BLACKBERRY Falling wedge pattern
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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