Timeframe: Daily
Market Bias: Bullish Market Bias
Forecast: US 30 Shifts from Bullish to Bearish Market Bias in Early - Mid March 2024
Scenario #1:
Shifting from Bullish to Bearish Market Bias
- Price action breaks the Bullish Trendline (in green dotted line) to flip the bias to Bearish Market Bias, then bounces off the Support & Resistance Zone, then heads up.
- After a bull run, it may or may not revisit the Support & Resistance Zone. If price action
does, it heads down to either bounce off of it again or break through it to deal with another
Support & Resistance Zone below it.
_________________________________________
Scenario #2:
Shifting from Bullish to Bearish Market Bias
- Price action breaks the Bullish Trendline (in green dotted line) to flip the bias to Bearish Market Bias and breaks the Support & Resistance Zone to head down, then retraces toward the Zone.
- After a bear run, price action heads down to break the Major Pivot Low of 38045 acting as its own Support Zone and deal with another Support & Resistance Zone below it to either break through it or range between two Zones until a breakout happens.