US30 AnalysisUS30 looks like the bullish trend will continue. Price has broken and closed above resistance with multiple candles as confirmation. If price begins to pullback and form support along the previous level of resistance, we can expect for the bullish trend to continue. Since we are currently at midday, you can anticipate for this move to happen towards the market close when more volume enters the market. If price fails to form support and begins to close back into the bearish channel, the bullish setup will no longer be valid, and this bullish move would be considered a fakeout. Waiting for volume to re-enter the market (market close) before considering another entry.
1. Price broke and closed above with consecutive candles outside of the downward channel
2. The EMAs have crossed over which indicates bullish strength
3. If price forms support and rejects the trendline, it can continue bullish to retest the high created.
Priiceaction
DOW JONES Watch for reversal bearish price action
Hi traders:
Last week we saw some bearish price on the lower time frames on the indices market,
and this week would be nice to see further downside to confirm the higher time frame bearish outlook.
Here on DOW JONES, a larger, deeper correction is formed.
We see a clear double tops in the marking, and on the LTF there is a potential of a reversal correction.
What I would like to see price this week is a confirmed push down on the LTF,
forming any small continuation correction along the way, and break previous recent swing lows.
Once price does indeed do that, then expecting the HTF correction to at least complete to push down the price to the bottom of the structure,
and re-evaluate to see if we are going to see further breakdown, or a possible bullish reversal from the bottom.
Thank you
