I've had this area mapped out for a while as a potential downside area that could get raided. Admittedly, I had kind of moved on and no longer expected it to happen, but left the red rectangle on my chart anyways.
Now it's looking much more feasible as a downside target. I'm not trading this short and I am in 100% cash right now, but I would like to see that...
I am expecting more down side short-term to take out the liquidity pool noted on the chart and that should fuel a new rally to the upside. The market usually peaks in July and rallies mid-to-late October so seasonality and price action should both be in consideration for the timing of the new rally.
