US30 to head down

2020年5月29日

I am seeing a few things on US30

OVERALL:
US30 is on a DOWNTREND on the weekly and daily timeframes.
A new LH has been created

SHORT TERM:
A temporary uptrend has been identified on the 1HR and 4HR time frame.

This gives me double confirmation that US30 will allow the sellers to take over prior to the buyers gaining back momentum.

A trendline can be drawn on the 1HR timeframe.

I am waiting for a break in the support line (25107) As a result of the pair breaking the support line, I will short US30 to the next HL of the temporary uptrend.

Keep in mind, if the pair stays above the support line, we could see consolidation back up to the previous High (25800) as it's currently Friday and the market will be closing soon.

I am in favor of the downward move.

SELL STOP (25100)
TP: 24350