US30 longMonthly;
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]There is no clear thesis. Price could go up or down.
Price has not retested the previous all time high. However, that is because it came across a high liquidity area on the weekly.
Weekly;
There are two thing worth noting on the weekly.
One is that price has formed a three pin pattern which might indicate that price is headed downwards
Second, is that the previous week's candle closed above a buy liquidity region at 38,500 and price may be headed upwards.
Currently price looks as if it will close above the 38,500 level and continue upwards.
To get a clear thesis of what is going on, I will have to go to lower timeframes.
Daily;
Monday's candlestick is pretty indecisive.
Two things are happening here.
One, price did not close above 38,630 level which would indicate that price is headed upwards.
Secondly, price has not given a convincing closure below 38,560 which would indicate that price is headed downwards.
Hence, there is no clear thesis on the daily and hence lower timeframe will give a better overall depiction as to where price is headed towards
4 hour;
New York session saw a lot of sell orders from 38,800 to 38,250.
From 38,250, we saw that price gained a rush of bullish momentum and it managed to close well above 38,450.
At the time of posting this, price is showing that it is headed upwards, however, orders are not enough to take it there.
I am waiting for a retest of 38,450 before we go upwards to 38,665
The target is 38,665. This is the target of the -27.2 fib level which is usually a high probability setup.
Moreover, if price closes above 38,800 which is Monday's high, then it is headed to 39,023.5
