September 8, 2015

  • EURUSD Weekly chart shows a possible ascending triangle and a bearish flag. If price continues to stay below the weekly cloud bearish flag gets prominence and a continuation of the larger trend will happen.

  • ES week continues to stay above the support zone discussed in earlier posts. But price is still below the weekly cloud. And bears need price to stay below the cloud for bigger falls to resume.

  • Nifty near 100 week sma and previous price cluster which may bring some relief for bulls. The technical s would look really bad if this cluster zone is not held. If held nifty may remain in a broad range between the all time high and this cluster. Further bigger direction or longer term move for nifty will happen only when these two levels are taken out. Monthly chart is especially looking bad for bulls. Expecting price to hang around this cluster for some weeks and a bigger breakdown possible in the coming months.


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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