US30 SHORT
We have been in a downtrend since Jan 5th. With everybody talking about a recession and the market crashing, also just the clear trend that the market is headed towards. I'm thinking we will be bearish until price hits 27000. That's when I believe us bulls will be back in the market and push higher highs. I feel like the market is re-setting right now. As far as my actual analysis, if we look on the daily chart a doji candlestick formed which is a sign of a reversal to the opposite side. We have some FOMC meeting's this week on 5/23 however I feel like its going to affect the market positively. Then we have The Fed chair on 5/24 & FOMC meeting on 5/25 which I think will affect the market negatively. As far as my confirmations i'm waiting for price to hit my fibonacci retracement at 31909, I will then look for a sell opportunity. I will also be waiting for 2-3 candlestick confirmations, which would be the doji , shooting star , and a hammer . Also my 50 MA is still hovering above price, which gives me more confidence that price will continue to push down. I also think that price will test its current resistance which I labeled at 32320 then push down! Thanks for reading my analysis if you think the same or even end up trying out my play! Let me know!! Also I will be running a $3500 account with a 0.03 lot size(just 1 trade).
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