Can Dow Jones bears hold another lower high!? for OANDA:US30USD by PrimedGroup

Hey Traders!

We hope you all have had a fab weekend, before we begin this post we want to bring you attention to the related posts that can be found below, each of these posts is directed at video education on specific trading topics with each of them being useful to new or experience traders!

Moving back to the post about DJ30 / US30:

We are clearly in some special times right now because after over a year we finally have some fundamental action that might support a potential bearish trend in the world indices but not only do we have fundamentals, we also have technicals which suggest we have one of the BEST opportunities for shorts in a long time. I’ll detail what this 1D chart of the Dow Jones tells us.

1) We have a wedge breakout, a contraction of price which is pushing towards the upside, at its top we have a lower high which was followed by a decent breakout.

2) Our fibs entry process suggests we could prepare ourselves for possible short entries on Monday, Tuesday or maybe even Wednesday, but that should be the threshold for downside

3) a major resistance (marked as “current main resistance”) is right between the 30% and 21% of the current swing high to low

As traders, and a community, we are more on the “proactive” trading side, where we wait for the right information and react to it accordingly, hence we will wait and zoom in on the hourly and minute charts before we execute our potential shorts which will most likely become compounded swing trades, but until that happens we will be taking buy positions which will be in the form of day trades, but again that highly depends on what we see when the markets open on Monday!

What do you guys think will happen with DJ30?

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