US Wall St 30Short
US30 (DJ30) Intra Day/Week Outlook
Fundamentals: Due to Covid-19 and its exponential infection rate, many sectors in the US have took a heavy hit. This resulted in damages in retail sector, economical sector, medical and healthcare sector etc. With Trump cutting the funding to WHO, the potential for finding a cure is delayed. Quarantine is also said to be extended to the end of June, which means another full month of the economy being stagnant.
H4: US30 has just completed a full structural move and the past few bearish candles could be a potential correction. However, price has broken down from the fibo critical level of 61.8%, therefore the next potential area of interest is the 78.6% area. if it reaches the AOI and the candle body closes strongly, it has closed and broken below the ascending trendline, which to me, means that there is a structural change from bullish to bearish. And this is strongly supported by the fundamental changes around the globe.
Trade Idea: wait for market to break and re test the broken ascending trendline for sells to Fibo reversal level of 127.2%.
Trader's Arena FX
H4: US30 has just completed a full structural move and the past few bearish candles could be a potential correction. However, price has broken down from the fibo critical level of 61.8%, therefore the next potential area of interest is the 78.6% area. if it reaches the AOI and the candle body closes strongly, it has closed and broken below the ascending trendline, which to me, means that there is a structural change from bullish to bearish. And this is strongly supported by the fundamental changes around the globe.
Trade Idea: wait for market to break and re test the broken ascending trendline for sells to Fibo reversal level of 127.2%.
Trader's Arena FX
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.