DOW JONES INDEX│ US30 │ 29 July - 2 August 2024

DOW JONES INDEX│ US30 │ 29 July - 2 August 2024

- Daily timeframe [long term timeframe]
As per previous analysis, price has managed to trade below fair value. What makes me think that Friday’s rally was a false move is because of the fact that that 3-candlestick pattern that constitutes a swing point has not formed. The market is likely to dig below last week’s low. Do not confuse this correction as a bear market; it is merely a correction until the market shows us otherwise
• Bullish bias


- Four-hour timeframe [medium term timeframe]
A clear rejection of the premium fair value gap, the market taking out liquidity @ 40826.5 and creating that swing high sort of confirms that the rally from Friday may just be a bull trap as we look to correct a little deeper.
• Bearish bias


- 15-minute timeframe [short term timeframe]
This timeframe is also bearish for the time being. This was confirmed by the NY session sell off; this is a faster timeframe and should be updated daily.
• Bearish



Because I know that the daily timeframe is busy correcting I will be bearish medium-short term [every session for this week], this means that I will only look to take short positions if they present themselves.

©Austin Palmer for FONOS Fx, 2024.