US30 longThis analysis highlights key patterns and price levels observed on the weekly, daily, and four-hour (4H) timeframes, supporting a bullish outlook. The discussion focuses on the significance of untested formations, rejection patterns, and accumulation zones that signal potential market moves.
1. Weekly Analysis
M Formation Neckline Retest: The M formation observed on the weekly timeframe has not been retested at its neckline of 43,500, leaving room for potential upward movement.
Three-Pin Rejection Pattern: Price remains below the high of the three-pin pattern formed earlier, and a break above this level would confirm bullish momentum.
Daily Target: A double bottom has formed, indicating that price could aim for the daily target of 43,680.
2. Four-Hour (4H) Timeframe Insights
Bullish Pattern Formation: The 4H chart reveals a bullish setup, with price approaching a strong resistance zone at 43,700.
Accumulation Phase: The presence of two doji candles suggests ongoing order accumulation, signaling potential market movement.
Entry Strategy: I am monitoring the following levels for possible entries, depending on how the next 4H candlestick closes:
42,450
42,670
The alignment of weekly, daily, and intraday confluences supports a bullish outlook. My strategy involves waiting for confirmation from the next 4H candlestick closure before executing trades at the identified entry levels. Patience and precision are key to leveraging this setup effectively.
