VIEW:
US30(DOW30) may show some reaction near upper channel zone as shown in the chart
I haven't delibertely labelled few wave counts...will update with wave counts as I get more clarity....
KEY NOTE:
Short term investors should be careful here @ this junture....
on 1D time frame you can see :-
1. strong rejection of lower price near 50EMA
2. in the previous fall it did not tested the support ( green line)
3. RSI near 30-40 range
all these suggests that this fall was inevitable
in 1Hr time frame you can see a channel (dark blue lines) where its trying to break but fails every time
it is consolidating and...
Price as expected moves up after taking the support ( view the chart below for better understand )
Price in lower time frame breaks the pattern and moves up with big volume as shown in this analysis.
As I see the Us30 chart shows the chances of falling more than rise, but If us30 breaks the 31565 level then, traders should buy to target till 31650/31750 level.
All governments globally have been generous in providing decent amount of stimulus to their respective countries as compared to their GDP's. What makes me wonder is that even after such huge amount of stimulus many countries have shown flat GDP growth or economic contraction. What if these stimulus were not provided at first place? The economies and the global...
The daily is turning up against the March lows at 18178. The 4 hour right side is up against the 6/15/2020 lows at 24430. The 1 hour is turning up against 26394. While it shows it will remain above there the index can extend higher toward 30500 in the cycle up from the March lows.
Sell @27680-760
TP: 26200
SL: 27880
Good luck !
Sharp decline and bounce back, more short covering possible if US30 start trading above W-CPL
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