Hello everyone, I am posting here my analysis about what could happen next on US30 and why.
on 4 hour time frame we can see the PSY, BC , AR, ST , SOW and UT have already been formed.
The price has shown indecision and hence gave a reversal after breaking the RETAIL support (Providing break of structure or activating pending stop orders), it can be seen that the price is deflecting after breaking the retail support and now reversing.
To which I believe price will form a new weekly high this or next week where we could have a UTAD (Formation of Order Block) and on the restest of UTAD I would go short.
On this analysis, there are few Liquidity lines marked up above UT, which means , the price might break any of these liquidity lines (Break Of Structure) and then form UTAD (Order Block).
Please feel free to comment, like or share. Also, If you are against this idea, please raise a valid point.
Thank you..
TheEdger.