May 23, 2014

  • Gold Daily chart continues to contract in a triangle pattern.
  • Price is nearing the daily cloud which has been acting  as resistance. 
  • As price nears the cloud volatility may increase.

  • ES 4 Hour chart shows price nearing recent high's
  • Crucial support levels for the day at 78.6% Fib level and the 30 Minutes cloud.
  • Pair making new lows in four hour time frame as seen in first chart.
  • 2nd chart shows price violating crucial support zone of daily time frame.
  • As discussed in the earlier post EURUSD continues to look weak below 200 SMA.
  • Nifty daily chart caught in a small range.
  • Closing above 23.6% or below 38.2% Fib levels may give good direction.
  • Low EMA of daily chart is yet to be tested. If this level is not violated, up move of nifty is likely to continue.

  • Sustaining below 200 SMA the correction in EURUSD is likely to extend
  • 4 Hour chart too shows price giving new lows on staying below the cloud.
  • Strength only if price is able to move back above 200 Day SMA.


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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