Dow 30 May 16 to May 20 Outlook
Tried to stage a rally off Y-0 but failed as it formed a 3 pushes, giving experienced traders time to exit their longs and went short. Target area Y-1 was tagged and bounced off from. Stalled at Y-0 and went for a retest of week low.
Inside week. Two attempts to tag Y-1 and both times stopped before touching the price level. The shorts are scared and weak. Obviously no commitment to stay short over the weekend.
When shortside weak hands bail out at price level clearly in their favour, more downside risk is expected.
If B-0 is taken out quickly and turns into support, then the daily uptrend will take Dow upto current year high for a retest.