US30| Bears exhausted to push price lower. Expect reversal!
Hello traders,
Let's examine the technical aspect of US30. In the beginning of June, we saw US30 dropping hard and eventually broke below the May 2022 low. Instead of bears keeping the momentum to the downside, the market corrected for about two weeks. Looking at the correction there are some details I spotted that may signal bears exhaustion. The market printed a lower low, another lower low and after that bears couldn't be able to push price lower, instead the market created a lower high which of course tells that bears lack sufficient strength to keep up with the momentum. This correction is a typical inverse head and shoulders pattern. I expect the market to rally to the upside with goal of 33000.
Please support this idea with likes. If you have any suggestion or question feel free to share this in the comment section below.
Let's examine the technical aspect of US30. In the beginning of June, we saw US30 dropping hard and eventually broke below the May 2022 low. Instead of bears keeping the momentum to the downside, the market corrected for about two weeks. Looking at the correction there are some details I spotted that may signal bears exhaustion. The market printed a lower low, another lower low and after that bears couldn't be able to push price lower, instead the market created a lower high which of course tells that bears lack sufficient strength to keep up with the momentum. This correction is a typical inverse head and shoulders pattern. I expect the market to rally to the upside with goal of 33000.
Please support this idea with likes. If you have any suggestion or question feel free to share this in the comment section below.
