- Bear hope stay up, after the last three Monthly Candles now make a 'Three Inside Down' - #M1.
- Index closes below the 5 EMA on the Monthly Charts, after about 3 years - see pink arrow #M3 - and cause of the Déjà vu.
Support & Resistance:
- Bulls close the index just above the MVWAP 34 on the EOW #W1 - Bears manage a close below the long term 5 EMA #M1 - after around 3 years above it.
Moving Averages:
- 5 EMA and 13 SMA, on the medium term screen remains Bearishly Crossed #W1.
Indicators:
- RSI 13 slides below the 50s #W2.
Wrap:
Bears trigger a Long Term Three Inside Down #M1.
Bulls hold on, above the medium term MVWAP 34 #W1.
Looking forward into this Week:
Patterns:
- Bears produce a 'Three Inside Down' #M1 on the Long Term Screen (Study Links here, here or elsewhere).
- A failed 'Three inside down', which we studied about three years ago (here and here) - was seen when the Index slipped below the 5 EMA last time (pink arrow #M3). Exact set-up seen now - so that is worth a study #M1.
Support & Resistance:
- MVWAP 34 on the EOW #W1 and the Monthly 13 SMA (1962), are supports the Bulls look to keep above, this week.
- 2013 (5 EMA on the Month Chart #M1) is a key resistance, which Bears would want to stay below.
- The 5 EMA and 13 SMA on the Medium Term Charts stay crossed bearishly as long as the index is below 2098 #W1.
Indicators:
- TSI, slipping below the 76.4% Fibonacci retrace, cheers the Bears #M2.
Wrap:
Bulls hope History would repeat itself, and another Bull run would emanate from the current set-up #M1.
Bears seek to use their advantage this time, and keep below the 5 EMA on the Long Term Charts #M1.
Bears seek to use their advantage this time, and keep below the 5 EMA on the Long Term Charts #M1.
