ICmarkets
Short

Looking to short the DOW if it edges a little higher...

FX:US30   Index of top 30 shares on Wall Street
81 0 6
US stocks rallied on the Fed’s decision to leave interest rates unchanged yesterday, consequently forcing price to breach and close above the current H4 consolidation fixed between 18218/18110. Now, what this also did was bring prices very close to a H4 resistance area at 18321-18349, which is complemented by a daily resistance level coming in at 18322 and also sits deep within a weekly resistance area seen at 18365-18158.

As you can see, all three timeframes we follow show prices are likely to reverse today – not to mention the fact that the H4 approach to the current H4 resistance area is in the form of an AB=CD pattern, terminating at 18355ish (drawn from the low 17959 – black arrows).

Our suggestions: Put simply, watch for a reasonably-sized H4 bearish close to form around the current H4 resistance zone today. Should this come to fruition, the first take-profit objective is seen at the top side of the recently broken H4 range: 18218.
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