US30: Time for a slowdown?
After retesting 29,000, US30 hasn't stopped going up and is currently trading near a very critical area. Not breaking above the 161.8% Fibonacci Extension zone may be a great short opportunity. If the price keeps hovering around this area, look for a short opportunity towards retesting 32,741 as our first target.
Breaking below this level will push the price towards retesting 31,789 (50% Fibonacci Retracement level) and 31,080 (61.8% Fibonacci Retracement level). If this scenario ends up being valid, this means that the weekly descending channel will stay valid for more long-term downside pressure on U.S. equities that may be caused by the upcoming global recession and many political events.
Breaking below this level will push the price towards retesting 31,789 (50% Fibonacci Retracement level) and 31,080 (61.8% Fibonacci Retracement level). If this scenario ends up being valid, this means that the weekly descending channel will stay valid for more long-term downside pressure on U.S. equities that may be caused by the upcoming global recession and many political events.
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