How far is US30 going to go lower?(1)

4 окт. 2023 г.

The US30 has been on a free fall for over a week now. As on the chart image, it is in a Downtrend Phase 1(DT P1) since it broke the structural level of 34284 on the daily timeframe. Its next level of further weakness is when it breaks the daily support level of 32583 as in the chart image. It will become a weekly DT P1 when it breaks the weekly support level of 31427.
We will wait for a trend change on the weekly before taking any short positions on the daily timeframe in correlation with the weekly timeframe. Furthermore,monthly timeframe has confirmed a compression high.

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Reference weekly image: