March 2, 2017

  • Inverted hammer of 4 hour time frame continues to play out.
  • Growing upper shadow of the weekly candle will also keep bears interested.
  • Possible support levels are shown in One hour chart. Bigger weakness if Golden ratio and previous resistance line does not act as support.

  • March month candle is crucial here. If at any point during this month price falls below 8870 levels many bulls could be trapped at higher levels.
  • Weekly chart is looking good for bulls so far. But the Same scenario as said about the month candle applies here as well.
  • Day continues to stay inside the rising wedge. A similar pattern in S&P 500 Went through the roof. Price broke above the resistance line. As far as this pattern goes price has taken support at the rising trend line, But continues to stay inside the pattern. Both scenarios are possible here. Bearish below 8870. Bullish above 9000.

  • ES 4 hour chart shows a bearish Shooting star or Inverted hammer candle. 
  • Bears should keep in Mind the Higher time frames like weekly chart. Week shows nothing for bears. The upper shadow of the current week candle must grow large before the end of the week to get bears interested again.


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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