US30 targeting 2700 point drop

Jul 10, 2023

MONTHLY TIME FRAME
Price action has respected resistance around 34,450 area by failing to close above. If resistance structure holds for the bears we should see a break of internal support zone around 32,600 area.
Next favorable area of confluence based on fibs (from the current swing up) aligns with 38.2%, which is around 2,700 points lower at the 31000 zone.



WEEKLY TIME FRAME



Trend line on the weekly time frame can be building liquidity just below for price to grab before heading to higher highs. If price can get a sequence of events that lead a downtrend ( lower high and lower low) in price action on the lower time frames causing the supporting trend line to break than that would be added confluence to head towards that 61.8 golden zone .