US30: Time for a slowdown?

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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.

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