Continued Downside for the US30 (Dow Jones Industrial Average)
Price has been making lower highs and lower lows since January 5, 2022 high with short but brief retracements upward. From my perspective, the market structure has shifted from bullish to bearish on the weekly and daily timeframes. My thesis is in line with my previous analysis on US30Y where I stated higher interest rates should put pressure on equities.
Below current price, I have outlined a few lows where I believe the price delivery algorithm will reach for to neutralize some sell side liquidity. Targets I am looking for price to reach into are:
Target 1: 30540
Target 2: 29660
Target 3: 29450
Target 4: 29170
If price gets to targets #3 & 4, then the index will have come back to pre pandemic highs.
Safe trading.
Below current price, I have outlined a few lows where I believe the price delivery algorithm will reach for to neutralize some sell side liquidity. Targets I am looking for price to reach into are:
Target 1: 30540
Target 2: 29660
Target 3: 29450
Target 4: 29170
If price gets to targets #3 & 4, then the index will have come back to pre pandemic highs.
Safe trading.
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