Learning from last Week: (click here for the previous post)
Patterns:
- Medium Term 'Three Inside up' pauses as a Higher Time Frame Pattern goes active #W1.
- Bear hope up after November and December Candles form Bearish Harami. Last three Monthly Candles now make a 'Three Inside Down' - for now - #M1.
Support & Resistance:
- Bulls manage to stay above the 5 EMA on the Monthly Charts, after bears send back the index from the Broadening Top Pattern's upper line, to below the 5 EMA on the EOW #D1.
Moving Averages:
- Daily 5 EMA and 13 SMA, poised to cross bearishly or deflect bullishly #D1.
Indicators:
- STS 34 3 4, slips below the over bought #D2.
Wrap:
Bears send back the index at the Broadening Top Pattern's upper line #D1.
Bulls arrest the fall at the daily MVWAP 34 #D1.
Bulls arrest the fall at the daily MVWAP 34 #D1.
Looking forward into this Week:
Patterns:
- Broadening Top (Study Links here, here or elsewhere) seen on the Day Chart - follow up re-formed top - its bottom is near the Fibonacci 76.4% mark.
- Bearish Harami is now active on the Long Term Screen and could trigger a 'Three Inside Down' #M1 (Study Links here, here or elsewhere).
Support & Resistance:
- MVWAP 34 on the Day Charts #D1 and the Monthly 5 EMA (2023), are supports the Bulls look stay above.
- The Megaphone Top #D1 and previous month's close i.e. 2059 are the resistances, that the Bears would want to stay below #W1.
- The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1955 #W1.
Indicators:
- TSI, holds above the 76.4% Fibonacci retrace #M2.
Wrap:
Bulls seek to deny the Bears a Long Term 'Three Inside Down' by getting & staying above 2059 #M1.
Bears look to stay below the Broadening Top Pattern's upper line and reach the lower line #D1.
Bears look to stay below the Broadening Top Pattern's upper line and reach the lower line #D1.
