 Hey everybody it's Hari Swaminathan from optiontiger.com it is Monday, August 5th and we are looking at a futures that is down about 36 points. As you can see the market sentiment has shifted. Two things happened last week. One was the rate cut which I suspected would be a sell the news event and it turned out exactly like that and then added to that you have various technical pressures as well as I said this was a rising wedge and so the market was just unable to move the slope of this line higher whereas on the lows the slope was really steep. So this was we were looking at a three month daily chart. Now what I have is a one year daily chart and let's look at a slightly longer perspective. So the first thing I'm going to do is I'm going to take off this wedge because as you can see this wedge has clearly proven to be a bearish sign and it's broken through that wedge significantly. And so the usefulness of this drawing is over and what I want to do is just clear drawing set completely and let's start fresh with a one year chart because this will give us a slightly more longer term perspective and we can take a look at it properly. So once again if we take a look at this one right here this was the low point and if we try to draw a trend line through this other low you can see that even this trend line has been broken. So this one is not quite accurate. I'll need to bring it down a little bit. So let me just clear up the drawing here and it needs to go through the bottom of the other one as well. And so you can see that we are just about breaking it right now on today's price action on the futures. And if you also draw a top trend line now that we have one year charts you can see I don't know if it will be a perfect perfect top wedge here but it comes pretty close. So you can see once again even from a longer time frame this was a rising wedge where the lows had a much had a much more steeper line. So now once this gets broken then the next support level is at 2726. So we are already past this support level we are breaking it today. And so this is looking pretty bearish and various developments around the world are not helping. So Japan and South Korea are engaged in a major trade war. The stuff in Hong Kong is not helpful and then all the other tensions going on with Iran and all of that and with the Brexit also. So lots of negative stuff going on and you can see the markets just don't like any of it. So I wanted to create this video and this is something we need to watch for. And so even in our swing trades what we'll be doing is now clearly positioning to a much more neutral to bearish kind of a stance. We are already almost there but we just need to do a couple of adjustments to make the shift into a more bearish stance. So that I'll create a separate video for that. Thank you.