September 13, 2016

  • First chart of 4 hour time frame shows the larger contraction of crude oil in a triangle pattern. Second chart shows a smaller contraction within the larger one.

  • ES 4 hour chart shows previous support of 2155 acting as resistance. This was also the Golden ratio for the fall from 2189 to 2100 level. More weakness if price fails to stay above 31.8% Fib level shown in 2nd chart. 
  • Bulls managed to keep price above 50 Day SMA for now.
  • Month chart shown with its upper shadow which is crucial for bears to protect. Price moving above 8793 will fade this upper shadow. 
  • The bearish PIN in weekly chart will remain intact if the up move stays below the shadow of the candle. Any move into the candles upper shadow will reduce the significance of the candle.
  • NIFTY Trend update


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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