January 13, 2015

  • ES Four hour chart shows price contraction in a triangle like pattern. Closing outside the boundaries of this pattern may result in bigger moves.
  • 2nd chart shows support near golden ratio for es. More weakness if Golden ratio is taken out by bears on closing basis.



 
  • Daily chart starts to show positive divergence. But price yet to confirm reversal.
  • Monthly chart shows possibility of price testing Multi-year lows around 33 levels.
  • For any reversal to be meaningful price must move above the cloud.



  • Daily chart of Tata steel has a Death cross.
  • Weekly chart is testing crucial support levels.
  • An up move if happens will be limited to the channel resistance line shown in last chart. If price stays within the channel bigger breakdowns are possible in the coming weeks.




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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