August 5, 2016

 
  • ES 4 Hour chart shows price breaking resistance zone and testing recent high's
  • Daily did violate 20 SMA But never closed below it. 
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  • 4 Hour chart shows price reaching the resistance zone of the range.
  • One hour chart shows a bullish channel in place. Bears need to break below the channel support line for weakness to set in.
  • Previous bullish attempt failed. Bulls are getting ready for another attempt
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  • 2nd chart shows a bullish ladder. Bears need to break it to avoid another upper breakout
  • Ist chart shows the key resistance zone around 1370 - 77 levels. A bigger up move likely to happen if this level is taken out by gold bulls.
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  • ES 4 Hour chart shows price unable to move above the cloud.
  • Price also getting resisted at the Golden ratio.
  • Last chart shows price moving back into the range. Both upper and lower violations failed to give a directional move.
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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