US30: Bullish signs and developments/new trend might begin!
Hello friends,
Let's look at US30 (Dow Jones) technical aspect on 4 hours timeframe. The index is currently in a correction and it is developing into an descending broadening wedge. This wedge formation is considered as a classic bullish reversal pattern and it means we may likely see the market changing direction to the upside. US30 also bottomed two times around 32400 before in February 2022 and in March 2022. In the recent decline, price again fell all the way to this same zone and price again reacted. By the look of things I expect price to rise at least to reach the top of the descending broadening wedge. If the wedge gets broken to the top side, this will indicate a change in trend and this will sponsor a strong impulse to the upside.
This goas in line with its counterparts Nas100 and S&P500. These three are having correlation and we can expect both to rise. I have discussed about Nas100 in the previous idea. See the link below to my Nas100 idea.
Thank you for taking your time to read this far. I'll be glad if you leave a like. It motivates me to keep sharing ideas like this.
If you have different opinion on this, please be kind to share it in the comment section below.
Let's look at US30 (Dow Jones) technical aspect on 4 hours timeframe. The index is currently in a correction and it is developing into an descending broadening wedge. This wedge formation is considered as a classic bullish reversal pattern and it means we may likely see the market changing direction to the upside. US30 also bottomed two times around 32400 before in February 2022 and in March 2022. In the recent decline, price again fell all the way to this same zone and price again reacted. By the look of things I expect price to rise at least to reach the top of the descending broadening wedge. If the wedge gets broken to the top side, this will indicate a change in trend and this will sponsor a strong impulse to the upside.
This goas in line with its counterparts Nas100 and S&P500. These three are having correlation and we can expect both to rise. I have discussed about Nas100 in the previous idea. See the link below to my Nas100 idea.
Thank you for taking your time to read this far. I'll be glad if you leave a like. It motivates me to keep sharing ideas like this.
If you have different opinion on this, please be kind to share it in the comment section below.
