DOW JONES 30 │ US30 │ WEEKLY OUTLOOK │BULL TRAP
DOW JONES 30 │ US30 │ WEEKLY OUTLOOK
Daily-timeframe
Much like the four-hour timeframe, this timeframe is bearish and tapped into a strong demand. It may reach higher into the supply zone above current price. However do not be fooled into buying, the wick is left behind is too enticing for stop/sell orders the market would definitely like to reach below that area and we have an untested area of support as well as an unmitigated fvg just below it.
Daily timeframe
As seen in the chart below, not even the crash in 2020 could hold price below the 2018 highs.
Four-hour timeframe
With a clear downtrend in place, price tapped into a demand zone and reacted by driving price up 870+ pips just reaching above structure highs for liquidity and closing below it.
Fifteen-minute
We took liquidity and changed character but this is not near enough to short, we have to wait for a break of fifteen-minute structure higher lows to consider going short
Final Thoughts
The stock market has been overextended and a correction is only right. Do not buy until you see that huge area of support tested and it holds.
Daily-timeframe
Much like the four-hour timeframe, this timeframe is bearish and tapped into a strong demand. It may reach higher into the supply zone above current price. However do not be fooled into buying, the wick is left behind is too enticing for stop/sell orders the market would definitely like to reach below that area and we have an untested area of support as well as an unmitigated fvg just below it.
Daily timeframe
As seen in the chart below, not even the crash in 2020 could hold price below the 2018 highs.
Four-hour timeframe
With a clear downtrend in place, price tapped into a demand zone and reacted by driving price up 870+ pips just reaching above structure highs for liquidity and closing below it.
Fifteen-minute
We took liquidity and changed character but this is not near enough to short, we have to wait for a break of fifteen-minute structure higher lows to consider going short
Final Thoughts
The stock market has been overextended and a correction is only right. Do not buy until you see that huge area of support tested and it holds.