US30USD
On Thursday, the US30 index experienced a sudden surge in value, reaching a new high. However, the market quickly reacted, and the index dropped down to retest a crucial support level on the 4-hour chart. This support level represents a significant structural break, and its successful retest could provide an indication of the market's direction.
The recent break above the 38.2% retracement level on the Fibonacci chart suggests a possible reversal in the short-term trend. If the index can maintain its position above this level, it could potentially retest the 61.8% or even the 78.6% retracement levels on the Fibonacci chart. This could mark a significant shift in the market, and traders should closely monitor the price movements to make informed decisions.
Alternative Scenario:
If price fails to hold steady at the 38.2% mark, it is likely that the ongoing downtrend would persist, leading to a further drop in value.