NoCeilingsTrading

Still Bearish on US30

FX:US30   FX:US30
Given the current pandemic, I still have a bearish outlook on US30. The effect it's having on the economy is just beginning, IMO, things may and can get worse, but we'll have to see about that. As you can see, it was a rising wedge, then it sold off a decent amount. Price is currently in a demand zone ( former support) and is having trouble breaking through. I think this current retraceent we are in was bound to happen plus the release of the stimulus checks helped out a bit. Price has remained below the 61.8 fib level for a few days and it's even having trouble surpassing the 50% fib. Possible double top forming in the area we are currently in, then maybe a head and shoulders pattern will be created before a nice drop to the down side. Things may be totally different if a cure is found though, that will really shake the market up. What do you think? I'm very open to all opinions and other analysis !!
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