US30 - Short on Daily
Updated
It seems like the US30 is looking towards a bearish movement, here is my findings:
- Currently between May and June 2021 and now, there is an Ascending channel in which the pattern has not been broken yet.
- Currently for the month of Dec 2021 US30 has been bullish.
The reversal pattern idea:
- Currently, there is an ABCDE pattern forming an M formation where it's currently on point D.
- There is a clear Bearish RSI divergence forming as indicated in my chart.
- Currently, point D is near the Top channel level and on 30 Dec it formed a solid Bearish pin bar signaling a possible reversal.
- Once the reversal is completed, the price should possibly move to, at least, the key level there in the middle of the channel as indicated on the chart.
Any ideas on this would be appreciated, but so far it looks like a good formation.
- Currently between May and June 2021 and now, there is an Ascending channel in which the pattern has not been broken yet.
- Currently for the month of Dec 2021 US30 has been bullish.
The reversal pattern idea:
- Currently, there is an ABCDE pattern forming an M formation where it's currently on point D.
- There is a clear Bearish RSI divergence forming as indicated in my chart.
- Currently, point D is near the Top channel level and on 30 Dec it formed a solid Bearish pin bar signaling a possible reversal.
- Once the reversal is completed, the price should possibly move to, at least, the key level there in the middle of the channel as indicated on the chart.
Any ideas on this would be appreciated, but so far it looks like a good formation.
Note
Looks like it wants to touch the top of the channel first before making a decent reversal. Will keep an eye on this one.Note
It's making a nice reversal as expected, my theory is it might go further down from here, after the new M formation it started forming between Point C and D as indicated on the chart. Let's see what the future holds.Note
NIce, it looks like this prediction came true. Hope you all have a blast shorting the US30 for a while :)
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