MR_gold2 us30 update for FX:US30 — TradingView

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First: technical analysis

• Price is moving within a major ascending channel.
• It is important to break out of the previous resistance area before the price returns to test the support area between 47,300 – 47,600.
• There is now a very strong supply area: 48,200 – 48,600, and prices are currently approaching this area.
• Momentum indicators indicate overbought and upside momentum is starting to fade.

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Second: Elliott Wave Analysis

• The US30 is typically in the fifth extended wave of a major bullish cycle.
• The current wave is bullish (5), but its internal motivations are weak, suggesting that a correction is about to begin.
• If the price rejects the 48,500 area, we expect a corrective ABC wave to 47,000 and then 46,200.

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Third: time period

• We have a time reversal window: December 9-14, which coincides with the increased likelihood of a decline near its strong supply zone →.

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Fourth: Numerical Analysis (Fibonacci)

The most important Fibonacci levels:

• 0.382 = 47,350 (important support)
• 0.5 = 46,900
• 0.618 = 46,350 (Main Support)
• Extension 1.272 → 48,550 (Potential Reversal Area)

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Fifth: Fundamental Analysis

• The Dow Jones strengthened because of: ✔️ Low interest rate hike expectations ✔️ Market optimism on inflation data ✔️ The Federal Reserve may ease monetary policy in 2024

but:
⚠️The upcoming CPI+PPI+ interest rate decision may cause violent fluctuations and sudden impacts.

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Sixth: Price Action

• Clearing candlestick is at 48,200.
• Price near peak → weak buying.
• Bearish indicators appear on the Momentum indicator.

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Seventh: Support and Resistance Levels

Resistor (shown):

1 48,200
2 48,500 – 48,600 (currently the strongest sales area)
3 49,000 (stretch target if previous area is breached)

Support (request):

1 47,600
2 47,300
3 46,900
4 46,350

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Eighth: Supply and demand areas

📍Sales area:

• 48,200 – 48,600 (time and wave synchronous reversal zone)

📍 Purchase area:

• 47,600 – 47,300
• 46,900 – 46,350 (main order)

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Ninth: Harmonic model

• A possible bearish Gartley or Bat pattern is forming at the following levels: 48,500 – 48,600, which reinforces the bearish scenario in this area.

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Tenth: Gaze Level

• Hold 48,600 points → continue to rise to 49,000 – 49,500
• Consolidated below 47,600 points → started to fall towards 47,000 points
• Breakthrough 46,900 → Deep correction to 46,350

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pivot area

47,600 – 47,850

This is the current control point.
above → rise
Below → Decline and correction

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Final recommendation (ready to copy)

🔻 Sales scenario (currently the strongest):

Sell: 48,200 – 48,600
Stop loss: 48,900
TP1: 47,850
TP2: 47,300
TP3: 46,900

✔️ Alternative purchasing scenarios (from strong support):

Buy: 47,300 – 47,600
Stop loss: 46,950
TP1：48,000
TP2: 48,300
TP3: 48,550
Important tips
We do not provide you with financial and investment advice
Instead, we provide you with scientific and educational content
You are the only one responsible for pressing the buy and sell buttons

analyst
Engineer Ihab
Sayed Al-Dhahab Telegram Channel