US30 │ DJI │ 26 -30 August 2024

8月23日

- Daily timeframe [long term timeframe]
The last break of structure was bearish and we are sitting in the supply zone responsible for that break of structure. Will we see a sell off or a new high? Let’s look to the four-hour timeframe for hints.
• Bearish bias


- Four-hour timeframe [medium term timeframe]
The last break of structure is bullish, now putting aside my thoughts and just looking at the market, the four-hour timeframe is likely to break its weak high [41211.4]
• Bullish bias


- 15-minute timeframe [short term timeframe]
The 15m timeframe is aligned with the four-hour so I firmly believe that the market may want to revisit the weak high and potentially break the daily strong high.
• Bullish bias


How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]

©Austin Palmer for FONOS Fx, 2024.