Hey Traders,
Dow Jones 30 is looking like its starting its retracement/pullback after the last few days of bullish price action. Hourly has made a double top as well as a 5 wick rejection ( for those who havent used this chart pattern .... it is very very powerful and accurate and provides big moves) The retracement is at 61.8% fib from the low and a pullback to around 32800 seems likely. That price corresponds with 38.2 retracement of this high and 38.2 retracement of December high to the low from this move as indicated by the dashed red line... If there is no setup on lower timeframe at that level one could wait for setup in order block which corresponds with fib golden zone between 50 and 61.8 as indicated by dashed black line.
Please use your own due diligence and manage risk.
Dow Jones 30 is looking like its starting its retracement/pullback after the last few days of bullish price action. Hourly has made a double top as well as a 5 wick rejection ( for those who havent used this chart pattern .... it is very very powerful and accurate and provides big moves) The retracement is at 61.8% fib from the low and a pullback to around 32800 seems likely. That price corresponds with 38.2 retracement of this high and 38.2 retracement of December high to the low from this move as indicated by the dashed red line... If there is no setup on lower timeframe at that level one could wait for setup in order block which corresponds with fib golden zone between 50 and 61.8 as indicated by dashed black line.
Please use your own due diligence and manage risk.
Comment:
Tight stop loss around 33620 .. if it gets hit .. no matter... if all goes well nice R/R
Comment:
stop hit