Dow Jones Broadening pattern

• A possible broadening pattern in hour time frame of Dow Jones.
• Pattern will be effective only if today's 11961 is held.

DOW JONES - Monthly chart analysis

UPDATED CHART

BELOW CHART WAS POSTED IN APRIL

• Dow Jones it seems has made a top near 78.6% Fib level in month chart. First chart shows current month price action. Second chart was posted in april.
• If price closes and sustains below 12000 It may start to move towards the 61.8% Retrace level which is near 11200. This is a medium term view. 
• Short term will be bearish only if price sustains below 12000.
• Medium term view may change only if price moves above 12500 level.

DOW JONES - Possible Support line

CHART-II

• Support line is violated as of now.

CHART-I

• Dow breaks 12000.
• But there is hope for a small bounce if the support line shown in the chart is held.
• Breaking the support line will favor bears again.

ES - Retracing yesterday's Up move

• ES is retracing yesterday's up move.
• Fib level shows price breaking the crucial 61.8% level. Price may find support at 78.6%. If this level too gets broken we may see a full reversal and break of yesterday's low.
• SPY RESISTANCE LEVEL
  

NIFTY Intraday Update

UPDATED CHART

• Now bears should protect 5480 - 5500 level.

TODAY

YESTERDAY

• Nifty is still inside the triangle that we say yesterday. But this time it is close to the apex of the pattern I hope it is not another false breakout this time as triangles use to do often.
• Note: A busted pattern can also give a great trade. If price comes back into the triangle we can reverse the trade for greater profits. 
• Have strict stop loss. Happy trading.

Nifty Cup and Handle

• Bollinger band shows price contraction. Since price is stuck between the upper band and 20 DMA a close outside these two ranges might give direction. Price closing above the top bollinger band will make it an inverted head and shoulders and Cup and Handle Breakout.
• Small triangle shown in the first chart if gives an upper breakout will give momentum for bulls. But they need to take out 5570 - 5605 and close the day above these levels.
• for going short price should sustain below 5480 - 5500 level, this level is showing good support for now.

SPY Resistance level

• SPY 30 Minutes char is showing a possible resistance band from 130 - 130.16 level.
• Price closing above this level will favor bulls.
• Getting resisted at 130 may push price down to 129.40 levels today.