US30 Potential for Bearish Continuation| 5th September 2022

On the H4, with price breaking the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to sell entry at 31228 where the swing low support and 78.6% fibonacci projection are. Once there is downside confirmation that price has broken entry structure, we would expect bearish momentum to carry price to take profit at 30467 where the pullback support and 78.6% fibonacci retracement are. Alternatively, price could rise to stop loss at 31904 where the overlap resistance and 23.6% fibonacci retracement are.

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