tyrelle.j.adams

US30USD Head and Shoulders

Short
OANDA:US30USD   US Wall St 30
Looking at the Dow Jones 30 (US30USD) I identify a possible head and shoulders pattern on the daily timeframe. This could potentially also be a head and shoulder pattern within a larger head and shoulder pattern spanning back to November 2018 (Left shoulder) - October 2018(Head) - April 2019 (Right Shoulder). On the daily timeframe, the pattern starts Feb 2019 (LS) – Apr 2019(H) – June 2019 (RS). Stops should be placed above the right shoulder wick around 26250 targeting the neckline at 25000-25200, support at 24750, then 24250. Considering the headline news impacting investor sentiment, trade rhetoric between the US and China, and potential Fed rate cut in July, price also has the possibility of rising further. However, given the Head and Shoulder technical pattern, I am short.
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