Trading Week 5 - US30 Weekly Analysis
On the Daily, Price has just rejected the Daily Fib 79 Level, potentially shifting the momentum to the downside. Price has formed a 3 Inside Down formation indicating a potential Reversal. Then price formed a Shooting Star as it closed below the Wicks.
On the H4, Price has rejected the 4H MSB Fib 70.5 Level and consolidates into a Descending Triangle. On last Friday as the market closes, price has broke below the Support closing bearishly as a Bearish Marubozu.
On the M15, price is clearly in a Downtrend as it has formed a series of LL and LH. The EMAs has also crossed over to the downside with a Wide Declining Slope. The Supply Zone has confluence with the 15M EMA Cross FB Entry Zone and the EMA 14.
Bias = Bearish
Structure = LL formation, retrace to LH
Setup = Break of structure, wait for retest of structure
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