January 19, 2016

Market outlook

Daily charts
- trend is down on hourly charts
- first time in 11 days, we had higher high higher low formation
- AD was positive; VIX dropped 8%
- for trend reversal, markets need to form a swing high and then cross it
- above will take some time
- deep support 7200 immediate resistance 7600 and then 8000

Hourly charts
- trend is down only hourly charts
- reversal level 7470F
- sustaining above 7470 F on hourly charts can be bullish

5 min charts
- breakout from box was buy signal
- exit on trailing SL or form channel

Note: channel is an excellent example of a corrective move

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