December 21, 2015

  • ES 4 hour chart shows price near support line. Bulls need price to stay above 50 Hour SMA for a decent bounce to happen from the current levels. Week is testing 100 Week SMA, Bulls need to stay above this line too to avoid bigger correction.
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  • Nifty month chart shows price getting support @ 38.2% Fib level for now. 
  • Weekly chart too shows the bounce from recent swing low, But the bounce is happening below the falling resistance line from 9119. As long as price stays below this line weakness can resume.
  • 4 Hour chart shows immediate resistance levels. Price for now is pausing at 38.2% Fib level. If bulls manage to cross this area then the swing high of 7972 along with 50% retrace zone may act as stiff resistance level.

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"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