DOW JONES INDEX│ US30 │ 12 – 16 August 2024
- Daily timeframe
Swing structure is bullish and we are deep into discount with the correction. I suspect we may see price try to complete the continuation phase as we respected the demand zone as illustrated on the chart. Internal structure, however, is still bearish so trade with caution
• Bullish bias
- Four-hour timeframe
Internal structure has aligned with the daily swing structure although the four-hour swing structure is still bearish a daily swing run is much strong than a four-hour swing run. With that said, I foresee price reaching for external liquidity
• Bearish bias
- 15-minute timeframe
Swing structure as well as fractal structure is bullish at this point. Aligning the four-hour internal and the daily swing structure. All very good signs of a potential run higher, the only cause for concern is that fact that we have not seen the opportunity for the larger players to get in discount positions, so will they run prices higher already? So let us wait how it plays out
• Bullish bias
How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias
©Austin Palmer for FONOS Fx, 2024.
