$DOWI US30 Has An Important Level This Week - Mind The Gaps

Traders, DOWI (Dow Jones) pushed really nicely after a good correction. Now like all indices worldwide this is also looking over stretched and has started to go side ways on higher time frames. The current weekly price action has been very strong. The current weekly candle is very strong and next week it is expected to have a bull candle too but we must wait and see how it reacts around the important level 35576/80. A weekly close very close or slightly lower than this level can increase the possibility of US30 falling lower next week. This is because of a completion of a smaller time frame M pattern.

This important level can also lead to Head And Shoulders pattern.

There are gaps available on both sides. This market has been filling all gaps to the upside and few on the the downside. The current weekly candle left a good gap at the bottom so any push to the downside may increase the chances of filling of that gap. There are 4 gaps available on the upside too. 2 of them are nearly at all time high.

So this market us stuck between 2 opportunities. My bias is bearish but I must trade I see with confirmations and tight risk & trade management.

Trade what you see and keep the risk management tight.

Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too

✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
✅ Follow me for future ideas, trade set ups and the updates of this analysis
✅ Don't hesitate to share your ideas, comments, opinions and questions.

Take care and trade well
-Vik

____________________________________________________
📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
____________________________________________________

Comment:

Pattern indicating closure of the gap:

Comment:

Dow closed all the gaps and now is falling down as expected

Comment:

US30 falling after filling gaps above. Now it is trying ti fill the gaps below but in the process it has left a gap again above :)