US30 is currently the bottom of our downtrend channeL, at a key level of interest, and testing the HL of 30860 area on the H4 time frame. My bias is that we break and close above to start a bullish trend towards the top of the channel. If we receive bearish rejection along with a close below our level we will likely continue our bearish pressure to the 30400 area and below. This 30930-30850 level will ultimately determine our direction into the rest of the week and next week's market.
Comment:
London session showed rejection of our level of interest and price sold down past our 30400 area like I stated. Our next move is to watch the reaction of price to our downside channel along with waiting for a LL to be formed which will guarantee bearish continuation