US 30 - 7 lines on a weekly
The US 30 index is in a downtrend.
The index has broken below and retested Kumo in May 2022. June has seen 2 large bearish candles.
The present level is well oversold - with price breaching the Bollinger Band 2 SD and extended lower significantly than the short term mid price ( 1900+ points from Tenkan Sen) and the medium term midprice ( 3400+ from Kijun Sen) .
As such , it is likely that price will retrace in the next week . Signs of this are a flat Kijun Sen and Senkou Span B, together with a thin Kumo .
This rally could go to 31900 = which is the Fibonacci 61.8 level confluent with the weekly Tenkan Sen.
If price stays below the Kumo , and you wish to follow the downtrend , then wait for the 31900 to take the elevator down again.
The index has broken below and retested Kumo in May 2022. June has seen 2 large bearish candles.
The present level is well oversold - with price breaching the Bollinger Band 2 SD and extended lower significantly than the short term mid price ( 1900+ points from Tenkan Sen) and the medium term midprice ( 3400+ from Kijun Sen) .
As such , it is likely that price will retrace in the next week . Signs of this are a flat Kijun Sen and Senkou Span B, together with a thin Kumo .
This rally could go to 31900 = which is the Fibonacci 61.8 level confluent with the weekly Tenkan Sen.
If price stays below the Kumo , and you wish to follow the downtrend , then wait for the 31900 to take the elevator down again.
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