US30 on selling area, Possible 2000 points down
Hello Traders,
US30 is in Long term UP-Trend. in March-April Corona Virus pandemic we got correction all the way down to 18K +.
Fast recovery in a V shape, We made one attempt close to 30K but failed to hold this ground sending us down to 26K at end of October 2020
Another recovery from 26K to 30K , We had the US election and vaccine announcement from this time to now.
What is next ? IF Bulls can't push the trend above 30K Psychological Number, Bears will be back and fast profit taking will start and we will see sell-off again to 27K area.
If Bulls can push further up above 30K, we most likely to see the 32K fast, followed by retest to 30 K if this retest is holding, this will offer a very strong supportive leg to 36K my long term target in the DOW JONES before we see a major correction.
I remain bearish as long as we are below 30 K , if we break above 30K , I will be buying but very careful, as we also may be exposed to a fake break. so take this is consideration.
If we get the correction down to 27K our profit target in this sell? when should I BUY ?
I recommend a buy between 26500 and 27200 ONLY if we see bounce at this area with price action to up side.
The trend can fall to 26500 but I give this only 25% chance, and my Reversal area remains 26500-27200 for now.
If you like the analysis, kindly Follow to get more, and like it.
Any questions are welcomed.
US30 is in Long term UP-Trend. in March-April Corona Virus pandemic we got correction all the way down to 18K +.
Fast recovery in a V shape, We made one attempt close to 30K but failed to hold this ground sending us down to 26K at end of October 2020
Another recovery from 26K to 30K , We had the US election and vaccine announcement from this time to now.
What is next ? IF Bulls can't push the trend above 30K Psychological Number, Bears will be back and fast profit taking will start and we will see sell-off again to 27K area.
If Bulls can push further up above 30K, we most likely to see the 32K fast, followed by retest to 30 K if this retest is holding, this will offer a very strong supportive leg to 36K my long term target in the DOW JONES before we see a major correction.
I remain bearish as long as we are below 30 K , if we break above 30K , I will be buying but very careful, as we also may be exposed to a fake break. so take this is consideration.
If we get the correction down to 27K our profit target in this sell? when should I BUY ?
I recommend a buy between 26500 and 27200 ONLY if we see bounce at this area with price action to up side.
The trend can fall to 26500 but I give this only 25% chance, and my Reversal area remains 26500-27200 for now.
If you like the analysis, kindly Follow to get more, and like it.
Any questions are welcomed.
