Dow Jones Channel breakdown

• Dow Jones hour chart shows clear break of the channel.
• Support in hour chart is near 12530 level.
• Break of this level will turn the trend in favor of bears.
• SPY MAY DO AN ISLAND REVERSAL
  

SPY Trend Update

• Despite today's GAP down price stays above the cloud.
• Trend will turn in favor of bears only if it stays below the cloud.
• SPY's CHANCE OF AN ISLAND REVERSAL
  

SPY may give an Island Reversal pattern

• If the GAP of yesterday and today stays like this without closing we may see an island reversal pattern.

ES support level

• ES falls following bad jobs Report.
• Trend line in 4 hour chart is broken.
• Now the key level is 1326 - 1328 level.
• Breaking and sustaining below 1326 may turn the trend in favor of bears.

NIFTY - Dark Cloud Cover pattern

DARK CLOUD COVER

• Nifty has given a dark cloud cover pattern.
• Pattern is not perfect, today's candle could have started a little higher for a perfect dark cloud cover pattern.
• Still price action looks bearish. Yesterdays bullish candle is almost engulfed by bears.
• TRIANGLE PATTERN UPDATED. LOOK HOW IT ALSO LOOKS LIKE A SLOPING HEAD AND SHOULDERS PATTERN
  

NIFTY - Triangle pattern

CHART-III

• A triangle that worked perfectly after a long time. Look how it also looks like a sloping head and shoulders pattern which increased its bearishness

CHART-II

CHART-I

• Nifty 15 Minutes is trying to put up a triangle pattern.
• Breakout from this pattern may give good direction.
• One should also expect whipsaw's.

Three Short term levels for Nifty Bulls to defend.

• Three important short term levels for nifty bulls to defend are 5705, The channel support line and the most important number at 5605.