Short
US30 UPDATE
Since my previous multi timeframe analysis on US30 everything is still very much valid for the big move to the downside, FOMC tomorrow and i am expecting a 100 BPS hike, which is very bearish for RISK assets and bullish for the USD.
From a technical perspective last week price made a very strong rejection on the zone of confluence.
1. 0.618 weekly fib
2. Previous weekly support turned resistance.
3. Descending weekly trendline
Since the rejection price has formed a LH formation and looks to be printing a beautiful distribution formation just below the trendline, we are looking for any volatility pushes to the upside to pick up orders and take out stops, we have a nice 4H supply we can be looking to short from on the LTF.
From a technical perspective last week price made a very strong rejection on the zone of confluence.
1. 0.618 weekly fib
2. Previous weekly support turned resistance.
3. Descending weekly trendline
Since the rejection price has formed a LH formation and looks to be printing a beautiful distribution formation just below the trendline, we are looking for any volatility pushes to the upside to pick up orders and take out stops, we have a nice 4H supply we can be looking to short from on the LTF.
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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.