Thoughts on US30USD / DJIA moving into next week

9 nov. 2018

A thought on current DJIA / US30USD price action, this week we saw an end to the relentless bearish push from the past few weeks, giving some relief to US markets particularly after the midterm elections. This has brought us to some areas of previous interaction, marked on the chart above, and I could see price falling for the rest of the day (end of week) to the lower marked zone, and then either A.) consolidating / rejecting and continuing up (confirming a transition to bullish price action on larger time frames) or B.) Breaking through / consolidating and then retesting the bottom side of the previous area of interaction ( lower zone) and falling away to lower PA. The latter scenario would result in either a deeper market correction or a range being created (some market gridlock). I have been trading intraday price action based on these areas and thoughts, and have had a good week!