I trust you all had a good weekend. December is here, and it's just a hop, skip and a jump to 2018...
With that being said, there is still always time to make some profits on the markets.
The general uptrend from the previous week seemed to have come to an end last week, as it was mostly down the entire week. It has been trading in an upward price channel since June, and the downward movement of the week made it bounce off the bottom of this channel quite nicely. (Image 1) It is also showing a hammer candle pattern, which is a reversal pattern. If this pattern plays out, we could be possibly looking at a retracement towards the 61,8% Fibonacci level of the recent down swing. (image 2) This would mean that it is likely to bounce downward again and reach as low as the 161,8% Fibonacci level. This level is around the 51500 level. If this plays out, it would be forming a head and shoulder