US30 SHORT SETUPUS30 Has broken out of a large Price channel on the Daily TF. It is currently forming a symmetric triangle pattern aswell, this pattern is known to be a continuation pattern. This suggests that US30 will fall.
Capital remains flowing out of the US30 as distribution is seen using the Chaikin Money Flow which is well Below Zero.
The 4H shows us that we are In a strong bearish move down with the current Move a pause but not showing signs of reversal. There are two scenarios that can happen here. Price breaks below the symmetric triangle and continues downward Towards the Weekly Base Line or further toward the Weekly 50SMA, Or the Price breaks upward to print a LH which would took us inside the price channel again or to the resistance line of it at which we could see a rejection, and enter a short or it may stage a recovery hear in case we enter long.
As always we do not predict what the market will do but wait for what the market does and then make our move, but the macroeconomic outlook and large weekly move suggest that for the US30 a breakout below the triangle is likely
