DJ30 leads the indices market in terms of recovering last 2 week’s sell-off. Will last week's daily double bottom pattern be enough to spark a new up wave?

As a result, my July 22’s long trade plan has exited in loss after holding for 5 hours only:

https://www.finlogix.com/analysis/20240722/dj30-intraday-analysis-and-trading-plan-for-july-22-2024

An updated overall record of 5 wins and 5 losses.

There are 13 upcoming high impact data releases in the US this week.

The indices market in general has bounced off from last 2 week’s selling rally.

Re-assessing DJ30’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Spinning Top

Monthly Candle: Last check is a Green Long Upper Shadow with a Medium Body now a Green Body with a Longer Head Wick

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Both previous close and current are Green Bodies with Longer Head Wicks

The last 2 weeks have not been good for the entire indices market.

In DJ30’s case, the 4H bullish FVG mentioned during my previous analysis has been completely retraced.

However, last week’s daily double bottom structure aligning the previous 4H FVG now a buying order block has stopped the price from further dropping.

Assuming that July’s swing high and low moves as the retracement points of view for the coming August, we can see another bullish sparks in DJ30 again.

It would take a revisit and break down last week’s lows for a bearish thesis.

Based on the current price structure, I’m seeing a bullish ascending triangle that looks also like a bullish flag/pennant which the current price levels within July 19’s consolidation range.

Now that price is facing the nearby 38.20% fib retracement level as resistance, If I’m right in my speculation, I will open a long position again within the current 4H candle’s pullback.

I will put a stop loss below the 78.60% fib level that will challenge last week’s double bottom while targeting the 42000 level.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

DJ30 Intraday Analysis and Trading Plan For July 29, 2024

Jul 29 2024

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