US30 seems to be bottomed out
After bad CPI numbers US30 managed to get to 28600 which is previous low.
Scenario 1. US30 is currently forming a kind of double bottom or "W" pattern, it will be confirmed as it breaks the neckline which is around 30312-30473. Breaking that zone would confirm that's its double bottom. Target of this pattern is usually the size from bottom to the neckline. which is at 32410.
Scenario 2. As you can see only 4hour candle chart, US30 is also forming up descending broadening wedge i.e. bullish chart pattern (said to be a reversal pattern) breaking out of this and would make our new target on top of the descending broadening wedge.
If you look carefully at fibs 0.382 (30790) seems to be like the important area which US30 must break and create support above it in order to move higher
Entry: breakout of neckline
TP1 : 0.618 fib (32129)
TP2 : 32564
TP3 : 34296
S.L : 2%
Remember I will be only taking trade as it breaks and creates support above the neckline
Trade safe.
Scenario 1. US30 is currently forming a kind of double bottom or "W" pattern, it will be confirmed as it breaks the neckline which is around 30312-30473. Breaking that zone would confirm that's its double bottom. Target of this pattern is usually the size from bottom to the neckline. which is at 32410.
Scenario 2. As you can see only 4hour candle chart, US30 is also forming up descending broadening wedge i.e. bullish chart pattern (said to be a reversal pattern) breaking out of this and would make our new target on top of the descending broadening wedge.
If you look carefully at fibs 0.382 (30790) seems to be like the important area which US30 must break and create support above it in order to move higher
Entry: breakout of neckline
TP1 : 0.618 fib (32129)
TP2 : 32564
TP3 : 34296
S.L : 2%
Remember I will be only taking trade as it breaks and creates support above the neckline
Trade safe.
Comment:
Rejected on first try
Comment:
another attempt on breaking out of 30488. Will open Long as it breaks out of it and create support above it
Trade active:
Entered Long 30571
Trade active:
broke out of neckline but still consolidating with symmetrical triangle. It can break either side. Will close if it breaks down and will keep long as it breaks to upside
Trade closed manually