Hello traders,
Taking a look at U/J, we could have a potential short opportunity. Price has been a sideways pattern for some time now and we have retested the blue box (daily structure) for a third time where the bulls are showing exhaustion. On the 1hr timframe you can see a double top forming and I expect the blue box to hold and then a break of structure and retest of the orange (1hr structure) before heading off to the downside. Also, unemployment claims came in at 7k more than expected, although a medium impact fundamental, it could be a catalyst for the move down. I am keeping an eye on this one.
Taking a look at U/J, we could have a potential short opportunity. Price has been a sideways pattern for some time now and we have retested the blue box (daily structure) for a third time where the bulls are showing exhaustion. On the 1hr timframe you can see a double top forming and I expect the blue box to hold and then a break of structure and retest of the orange (1hr structure) before heading off to the downside. Also, unemployment claims came in at 7k more than expected, although a medium impact fundamental, it could be a catalyst for the move down. I am keeping an eye on this one.