US30 IS THIS THE REVERSAL POINT OR JUST A SMALLER RETRACEMENT?
- On the smaller timeframes we can see price successfully following the fib retracement to extension scenario. Breaking through the huge WEEKLY double bottom, and having a close that respects the -161.8 extension level. We also have a potential 50EMA REJECTION on the 1H.
However , there is a question arising: Is this the reversal point for a bigger retracement on this pair , or just an intraday RETEST of the -61% / huge weekly low, before the index moves even further below?
I will be closely monitoring this area, waiting for the required candle closures and if i see the desired rejection , i could open a very small risk short trade to catch the downside. Otherwise, waiting for a bigger retracement to the upside by entering after a break and retest somewhere.
However , there is a question arising: Is this the reversal point for a bigger retracement on this pair , or just an intraday RETEST of the -61% / huge weekly low, before the index moves even further below?
I will be closely monitoring this area, waiting for the required candle closures and if i see the desired rejection , i could open a very small risk short trade to catch the downside. Otherwise, waiting for a bigger retracement to the upside by entering after a break and retest somewhere.
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