Over bought market
Us100 4HR
We are in a down trend that in is the 2nd wave (correction/retracement) which has bridged the key technical level of price retest at 18 692.1, now have to look at how price act around this area taking note at the bullish momentum we are experiencing which is influenced by the massive drop the DXY took earlier on. The raise in DXY will result in the acceleration of the drop in price as this area is filled with short positions from retail traders targeting the recently formed at 17 256.
We are in a down trend that in is the 2nd wave (correction/retracement) which has bridged the key technical level of price retest at 18 692.1, now have to look at how price act around this area taking note at the bullish momentum we are experiencing which is influenced by the massive drop the DXY took earlier on. The raise in DXY will result in the acceleration of the drop in price as this area is filled with short positions from retail traders targeting the recently formed at 17 256.
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