September 7, 2016

  • 4 Hour chart shows a range between 43 and 47. Second chart shows price contraction. Breaking out of this pattern may result in bigger move for crude oil and price may move out of this range.
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  • Price falling from the resistance line of the pattern.
  • ES likely to test 2175 level. Bigger weakness only if this level is taken out.
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  • es 4 hour chart shows a broadening formation. Price for now is falling from the resistance line of the pattern. Immediate support at 2175. Bigger weakness if 2175 is not held.
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  • Gold 4 Hour chart shows price near recent resistance zone around 1360 level. If price continue to stall below 1360 a dip towards 1335 is possible.
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  • Month chart does not show any weakness yet. 7th Bullish candle being formed. Price likely to test the previous monthly resistance zone.
  • Daily chart is testing the line of weakness. This can only be called as line of weakness as price has given only sideways correction followed by swift up moves. Price yet to form a lower low. Panic for bulls only if price starts to trade below 8700 levels. 
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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