February 16, 2018
- We saw the Second long shadow at the 200 SMA and discussed the possibility of 2700 again But i was not expecting a complete reversal. Its not yet a complete reversal, Week need to close above 2760 for bulls to confirm strength in Weekly time frame. Today's close being a weekly one is crucial for Both bulls and bears.
- Fall below 2689 may trigger a correction today. Staying above the hourly trend line will continue to favour bulls to extend gains.
- ES Hourly bullish "W" Pattern which worked well
- PNB Month chart shows price at crucial support level of 128. If this level is not held then price may fall towards 112.
- Month chart also shows the possibility of a Big Bearish M pattern. For this one to come good price must sustain below 128 and 112 levels.
- Bulls need to sustain above 128 levels to avoid the bearish scenario.