10-6-2020 - Wednesday - 4H US30 - Neutral
Price has previously break above 27500 but it failed to sustain the bullish momentum and ended up dipping towards 27200 level where it found a new Demand Zone. Following that, price has continue to retrace higher towards 27500 level which I expect to form a new LH formation for a shift in momentum.
Although on the overall TF the trend is bullish, I believe that price is still extended and could potentially retrace lower before it continue to higher. At this point, I want to see it retest the 27500 level for a break above or a rejection.
If price show sign of wicks rejection on 27500 level, this is a good indication of a potential Double Top or a new LH formation.
At this point I would just wait for price to form clearer price action before deciding to take a setup.
Bias = Neutral atm, potential Bearish
Structure = Potential LH
Although on the overall TF the trend is bullish, I believe that price is still extended and could potentially retrace lower before it continue to higher. At this point, I want to see it retest the 27500 level for a break above or a rejection.
If price show sign of wicks rejection on 27500 level, this is a good indication of a potential Double Top or a new LH formation.
At this point I would just wait for price to form clearer price action before deciding to take a setup.
Bias = Neutral atm, potential Bearish
Structure = Potential LH