US 30 is trading in the green at the time of writing at 34,096 and it could jump higher after failing to validate a corrective phase. Dow Jones Industrial Average moved sideways in the short term accumulating more upside energy.
Actually, the pair has developed a continuation pattern, so a valid breakout will validate more gains ahead. The index could resume its growth if the US Dollar Index slips lower in the short term.
Technical Analysis!
US 30 failed to close and stabilize under the 23.6% retracement level and below the weekly S1 (33,722) signaling that we may have new upside momentum.
It has developed a symmetrical triangle and now it tries to escape from this pattern. An upside breakout could really announce a further growth
Its failure to approach, reach, and retest the descending pitchfork’s inside sliding line (SL) indicates that we may have an upside breakout soon. Jumping and stabilizing above the R1 (34,135) may signal an upside breakout through the upper median line (UML) as well.
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