August 2, 2016

 
  • 4 Hour continues to walk down the stair.
  • Weekly fib shows price nearing 50% Fib level which is around 38 levels.  Not saying its going to reverse from here. But chances of a bigger bounce are higher around 37 - 38 Levels.
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  • ES Falls below the range as it mostly happens after a false breakout.
  • Price if continue to sustain below 4 hour cloud may result in bigger correction.
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  • Price fell back into the range after false spike . This price actions sometimes results in faster falls on the opposite side.
  • Price need to close below support level and 4 hour cloud for bigger falls to follow.
  • GOLD SUPPORT LEVELS
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  • Gold 4 hour chart shows crucial support zone for the current up move near 1352 levels.
  • One hour chart shows a range. Price for now is staying above the range. Weakness in one hour if price falls back into the range.
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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