US30 (DOW JONES/WALLSTREET 30) ANALYSIS

US30 price dropped to a major demand level on the weekly chart at 29979.76 & 29268.03 which was previous broken supply and origin of the rally to supply at 36385.33 & 35877.50 & all time highs. Price dropped into demand forming rejection wicks inside demand followed by a push out of demand with candle close above demand. Took buy entries on 20th June (Monday) during NYSE at 30088.40 with SL at 29805.55. Setup taken is a drop base rally, a reversal setup. Price rallied 90 points to the next high closing the day with price at 30153.90. Markets closed early coz of the bank holiday and Juneteenth holiday. 

                                                                                                                                                                       Market opened and price continued rallying, gaining momentum during London session open as price rallied in one large bullish candle showing bullish potential. Price formed a higher high on H1 at 30408.7 then dropped back to 30252.1, forming a higher low without taking out the previous low. Price formed another higher high at 30483.3, followed by a bearish candle that was engulfed by another bullish candle showing more bullish potential as price was at 30524.2 and my target was at the next high at the next high and supply at 30870.50. 

Price rallied 550 points to 30699.66 on H1 & H4 then dropped back to retest demand during Asian session at 30038.6 after which price reversed and started rallying again with momentum kicking in during NYSE. Price rallied 596 points to 30699.32 which is the previous high and failed to break it and instead reversed in a rejection wick followed by a strong bearish candle on H1 showing bearish momentum.

Price rallied 800 points to the 1st supply level at 31111.71 & 30886.48, broke supply and continued rallying with price closing the week at 31497.40, hitting and breaking my target for the trade. As price has confirmed a shift in market structure to bullish, I expect a retest of the broken supply before a continuation of the rally next week.