Nifty Future as on 10th September and Tumbling US Markets

Friends,
Nifty Future is precariously placed as seen on Daily Chart as well as Hourly Chart. When I presented the weekly analysis, I warned there could be resistance near 4500 and for three days we see that happening. A prudent trader should look for important signals. Today I present both Daily and Hourly charts of Nifty Future as both make some interesting views.

Looking at the Daily Chart, we can see Nifty Future is struggling at the Main Downtrend Line and if we take into account the Current Support Line, my guess is there can be a fierce move either side. See the ADX and it is also signaling some big move in coming days. However, the chances of downside are more as the Moving Average sequence is down (34 Period EMA is below 55 Period EMA). In fact, if its a calm day tomorrow, there can be an opportunity to by straddles / strangles (if Implied Volatility comes to below 30).

Looking at the Hourly Chart, there looks like a Double Top formation. As of now, Nifty is just above the support line, but if fails and 4340 is breached, then it will be good signal for a retest of 4207 as it would be a breakout on downside of Double Top as well as breach of Fibonacci 61.8% retracement of latest up move.
However, if Nifty Future manage to cling on to the support line, then we can see some upside.

Speaking of US Markets, as I told in my last post, on Monday they gave a good opportunity to short. The S&P 500 is struggling near 1230 and threatening to retest/break July lows.