August 24, 2016

 
  • Weekly chart testing crucial support resistance zone. Week closing below this zone will change price structure in favour of silver bears. Daily retrace levels shows price at 50% Retrace zone. So Silver bulls must sustain above 18 levels to keep the bullishness intact.
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  • cloud and rising support line of 4 hour chart shown as immediate support levels. Breaking these levels on closing basis may trigger a correction in ES.
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  • GOLD is violating the support zone of the descending triangle pattern.
  • Staying below 1335 will favour gold bears for next targets like 1325 and 1310 levels.
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  • Crude oil falling towards its 200 Hour SMA.
  • Bigger weakness if price starts to stay below 46.60 levels.
  • One hour chart shows price continues to stay below the cloud. Crude bulls need to move above hourly cloud to arrest this correction.
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  • First chart shows another failed bullish attempt and price falling back into the range.
  • 4 Hour time frame shows price in a 25 point range. 2165 and 2190 are the extreme ends of the range, Unless the extremes gets violated on closing basis price likely to remain in this 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