January 7, 2016

  • ES Weekly chart shows a Multi-Month rounding Top pattern. For a trending move in Higher time frames price must move out of this pattern. For now price is forming the right part of the pattern. Price sustaining below 100 Week SMA will strengthen bears.
  • 4 Hour chart shows price violating a support line. very short term may favour bears if stays below this line.
  • CRUDE Oil Multi - Years Lows
  • Crude oil violates the 2008 Lows. Crude bulls must hold above 32 Levels to avoid further correction. Below 32 next targets are 25 and 18 which are 2002 and 2001 lows.
  • For Intraday traders 15 Minutes continues to trend. strong move to continue till price stays below the cloud.

  • Sideways correction shown in second chart can turn ugly for Facebook bulls on price closing below 99 levels. Bears also need to stay below the rising support line from 43 levels for bigger correction to happen. As long as price stays above the rising support line and 99 levels no threat of a bigger fall.


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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