January 6, 2016

 
 
  • ES Week testing 100 Week SMA, weekly close below 100 Week SMA may result in a bigger fall.
  • Daily chart shows price testing Crucial retrace levels like 50% and Golden ratio.
  • 4 Hour chart shows price trying to stay above the support line. Bears need price to falling below this line for a bigger correction to follow.

  • One hour chart shows price positioned below the cloud. Bears need new lows or price to move below 7760 to extend this fall.
  • Strength above 7810 and 7830 levels. 
  • Fib levels shows price trying to stay above 50% Retrace level.


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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