January 9, 2015

  • ES 4 Hour cloud continue to act as stiff resistance
  • One hour cloud is acting as support for now
  • Last chart shows price trying to stay above 38.2% Fib level.

  • ES 4 Hour time frame shows weakness near Ichimoku cloud. This level and 80% Fib level needs to be cleared for bigger up moves to happen.
  • Price staying Below golden ratio or the Hourly cloud may lead to bigger weakness.

  • TCS Weekly chart shows price near previous resistance zone which may continue to act as support
  • Daily chart is testing 200 SMA. Staying above 200 SMA will favor bulls.
  • Bears need price to sustain below 200 SMA for bigger correction to happen.

  • Nifty tying to hold above 100 Day SMA.
  • Another dip below the ichimoku cloud did not result in follow up selling. Bears need to keep price below the cloud for bigger falls to happen.
  • Last chart shows a possible triangle contraction pattern. closing outside this pattern may result in bigger moves.


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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