DOW

There are bearish flag/pennants on all main US indices.

If this breaks below 16197 which is the short term trend line then this could be heading a lot lower towards the recent low at 15370 area. This is based on 60 min chart.
Im expecting a bigger move down soon . Time will tell.
so be careful out there

60 min chart

dl.dropboxusercontent.com/u/4899609/dow60min10thsept2015.png

Nice triangle formation on the 60 min chart. SO ether way could give a nice trade when the break out comes. so keep an eye on this.
So long above 16670 as that's an important level to the upside.

Looking at The Weekly Chart below

It's Nearly the end of the week & today we may end up seeing that Hammer Formed on the Weekly Time Frame near to the 200 dayMa

www.dropbox.com/s/v2b931tc8fbi8k5/DJ30%2...thAugust%20.png?dl=0

Looking at the Fibonacci retracements:-
The Low of 15370 on 24th August is around the 38%(15315) retracement from 2011 or just below the 23% Fibonacci of 15547 all the way from 2009.

now that we see a finished above the Main Trend Line, i think Looking at the 200 day Moving average is important, which is currently 17213 & is 61.% back the other way from 24thAug & do need a move above this for me to be thinking this is not a dead cat bounce!

www.dropbox.com/s/uyqk82qoiokqwnj/DJ30%2...20TrendLine.png?dl=0

What are the implications that it has "pierced" the trend line?
Can this signal more downside to come?
Likely a relief rally ?

This looks like it closed back above the trendline today...
Weekly chart...
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

Close up shows a nice hammer on the weekly, lets see how it closes tomoorrow... it could a sign this will move higher...
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI
Regards,
Trendfriend.