May 8, 2014

  • ES 4 Hour chart shows price testing resistance zone.
  • 4 Hour cloud acting as support.
  • Apple one hour chart shows price near 23.6% Fib level and hourly cloud. If price stays above 23.6% this up move can continue.
  • Break and close below 23.6% may lead price towards the GAP.

  • Daily chart testing 200 Day SMA.
  • Weekly too looks oversold and is at Lower bollinger band.
  • If the above mentioned levels does not hold the fall can extend towards 38.2% Fib level Shown in chart 2 before a bounce can happen. Bulls must hope for a bullish candle at 200 SMA for a bounce to happen. 

  • IWM Is near the support zone of the broadening pattern.
  • Daily chart shows price closing below 200 Day SMA. Bears need price to sustain below this line for bigger correction to happen. Today's candle looks bullish but needs to follow up and close back above 200 SMA to avoid further correction.
  • Weekly chart shows price trading below the rising support line and testing crucial support zone.


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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