NIFTY Weekly MACD Reversal set up

• Weekly chart is shown with MACD.
• The reversal Marked with Alphabet A is a straight forward reversal. But This time price action looks like the 1 2 3 Reversal shown on the left hand side. Remember its only similar , It may not be exact. In short we are looking at  a possible Triple negative divergence before a major correction could start.

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Gold Weekend update

• Gold Hour shows bullish price action.
• Hourly cloud is the crucial support for this bullish swing. Close below the cloud will negate this bullish move.
• Weekly bollinger band shows price bouncing from lower BB. If weekly high's are broken price may target the Middle BB.

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ES Charts before opening bell

• Bounce from 200 SMA is helping bulls for now. But Bulls need to get back above hourly cloud to stop a bearish reversal from taking place. Bears need to keep price below hourly cloud to resume correction. Bigger fall only on hour closing below 200 SMA.

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ES Chart Analysis after closing bell

• Hour cloud shows price violating the cloud and falling back to its 200 Hour SMA. More weakness for ES Bulls on price closing below 200 Hour SMA.
• Daily candle too shows weakness for ES Bulls.
• GOLD Hour chart analysis

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GOLD Chart analysis

• GOLD Hour trying to turn up 
• Gold bulls need to stay above the hourly cloud to extend the hourly reversal.
• Price likely to move towards 1266 - 1270 zone as shown in daily chart.

ES Support levels

• ES one hour time frame with immediate support levels.
• Bears need a close below hourly cloud for an hourly down swing to start.

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ES Hour chart update

• One hour chart shows weakness at the top.
• Another close below 50 Hour SMA may result in correction.

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