December 15, 2016

 

  • Gold 4 hour chart shows price continues to trade below the cloud. Price sold off as it neared the cloud.
  • 50 Period SMA acted as strong resistance as well. There were 3 Bullish attempts which failed at this moving average.
  • Now for a sudden bounce to happen price must get back into the pattern shown in 3rd chart.
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  • ES 4 hour chart with crucial support levels
  • Weakness if price falls below 2243 and 50 Period SMA.
  • looks like a bearish head and shoulder type of pattern developing in 4 hour chart.
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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