Long term short position on the Dow Jones entered.
Entered at 26750 (26,800 on my broker price feed) which is my previous support now resistance. Lower high, trendline in this zone and Fibonacci Retracement level.
Targeting new lower lows at 25,200
US30 in a bearish trend on the 4hr chart
Price is pulling back in to the 50ema and fib cluster zone as shown on the chart.
I am waiting for rejection candles to form and then short down to new lower lows at 24500
At today's FED meeting a cut of 25 basis points is expected in response to the slow in economic growth and stunted inflation. This could be the signal that the markets are topping and we are due for a big correction. Currently Dow at all time high with support zone holding at 27000. A break of the support and 200SMA could signal a short as the market top....