Moustafa! My analysis and view for US 30! on 16.03.2025!- I expected a huge bearish wave would hit the index by end of December and also in January and I sat an idea for it and it was right and that is the new idea
- On the weekly frame, you would notice that the index is in a rising channel
- Formed a double top pattern and even broke the neckline of it and is supposed to go to minimum the Take profit 2 then after the retrace towards the take profit 3
- The index retraced to the upside due to the uptrend line in green and there is a possibility that it could continue the bullish run but I do not expect here that a weekly candle would close above the neckline before reaching to the below TPs
- The lower weekly candles wicks from 15.04.2024 and 05.08.2024 must be filled anyway, which is giving another confirmation to the validation of this idea concept and the continuation of the bearish wave on the weekly chart! we could see on the way some retracements on the daily frame and the lower frames, but that will not have any influence on the bigger bearish image!
- The index had broken already the uptrend line (in red) which was not broken from October 2023! and the last week candle closed under the moving average 50!
- By reaching to the TP3, means that the index would go to the lower line of the rising channel
-- Conclusion is that we are in a bearish market on the weekly chart and the real target is exactly when the index will reach to the line (in yellow)
I sat also another idea for Nasdaq
which I see also there the continuation of the big bearish wave on the weekly chart! so feel free to have a look on too! so all is going in harmony together!
