July 14, 2016

  • Gold Weekly chart trying to form a Bearish engulfing pattern.
  • 15 Minutes chart is moving down in a bearish channel.
  • One hour is below Ichimoku cloud. Gold bears need price to trend below the cloud for a bigger down move to happen.
  • For Gold bears price need to close at the current levels or lower to confirm the bearish engulfing pattern.

  • Crude oil 4 hour chart looks like  a bullish falling wedge pattern. One hour chart too is in a small triangle pattern. 

  • ES one hour continues to remain strong above the short term trend line and Hourly cloud. Weakness will be seen only when and if price starts to trade below Hourly cloud.


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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