US30 is trading in rising channel Another sell off is coming
📍 Dow jones industrial average is comprises of 30 TECH stocks. US30 is traded 2020 yearly high around 29600 which is also a February high. After the long upward rally from 2016 until 2020 February it has moved up gradually. And there is no major drop one like happened in 2008 financial collapse
📍 Due the COVID-19 breakout in the USA the economic is came to standstill and lockdown measures area taken this causes Tech companies faced major blow. And the market is sell off until march 23. After that US30 has gained back most of the earlier loses incurred during the initial period of Pandemic situation. And reached almost 2900.00 level
📍 Currently US30 is trading in a upward channel which is called as rising channel and it has reached the slow down phase. We may expect a brief breakdown of this indices
📍 In longer timeframe it hasn't reached the 23.6% Fibonacci retracement level which is comes around 26900. This level will act as resistance for the bear
📍 The price is currently trading nearby the August low level-27200. 50 Exponential moving average is still holding this pair from May-14 if the 50EMA level broken then 200,100 EMA will act as resistance comes around 26400
📍 On Ichimoku cloud the middle line is acting as support for the bearish trend and the Cloud is gradually fading towards red zone
📍 The swing target would be around 23900 which is comes around 50% Fibonacci retracement level
📍 On Elliot wave theory the Major 5th wave is completed and the minor correction waves are currently forming. Within wave 4-5 we can see minor waves from 01-05
📍 RSI is went below the 50 mark and in MACD it has turned red and the oscillators are pointing towards south
In H4 timeframe we can see a downward falling channel with series of HH LL LH and the price felled below the 50% Fibonacci level. Strong bearish engulfing candle is formed on August 07 after that the price stared to fell
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📍 Due the COVID-19 breakout in the USA the economic is came to standstill and lockdown measures area taken this causes Tech companies faced major blow. And the market is sell off until march 23. After that US30 has gained back most of the earlier loses incurred during the initial period of Pandemic situation. And reached almost 2900.00 level
📍 Currently US30 is trading in a upward channel which is called as rising channel and it has reached the slow down phase. We may expect a brief breakdown of this indices
📍 In longer timeframe it hasn't reached the 23.6% Fibonacci retracement level which is comes around 26900. This level will act as resistance for the bear
📍 The price is currently trading nearby the August low level-27200. 50 Exponential moving average is still holding this pair from May-14 if the 50EMA level broken then 200,100 EMA will act as resistance comes around 26400
📍 On Ichimoku cloud the middle line is acting as support for the bearish trend and the Cloud is gradually fading towards red zone
📍 The swing target would be around 23900 which is comes around 50% Fibonacci retracement level
📍 On Elliot wave theory the Major 5th wave is completed and the minor correction waves are currently forming. Within wave 4-5 we can see minor waves from 01-05
📍 RSI is went below the 50 mark and in MACD it has turned red and the oscillators are pointing towards south
In H4 timeframe we can see a downward falling channel with series of HH LL LH and the price felled below the 50% Fibonacci level. Strong bearish engulfing candle is formed on August 07 after that the price stared to fell
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
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