The Dow is in a longer term up trend
Chart below:
Price was rejected from the 16500 area in January and made a nice move Dow the 38.2% Fibonacci retracement level at 15280.
Price has since been retracing back up to the 38.2% Fibonacci level and round number at 16000.
Chart below:
Price has consolidated at little at this level and the averages have now crossed over to the downside.
On the 60 minute chart price has begun to make Lower Lows and Lower highs.
I am looking for a short position as detailed below.
Levels and Chart below:
Entry: 15845
Stop Loss: 15885
1st Target: 15805 (Break even)
2nd Target: 15745 (100 pips)
3rd Target: 15280 (Previous Lows)
I will update again when the position has been opened.
Regards
MDT
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