BEAR SCENARIO:
Currently when we look at the Us30 we see that its broken out of the short term trend line and then it went to a short term key level at 30903.3 before retesting the trend line at 31112.0.Once the market breaks below the LOI (line of interest) it will touch the medium trend line coloured green then retest the LOI at price level 30903.3.When the market finds rejection at the LOI it will push the market to break below the green coloured trend line, the medium term support line and the 78.60 fib level, when the market reaches around 30629.0 it will go up to retest the 78.60 fib level at 30768.9 then move lower to the 127.20 fib level at 30446.4 then retest price level at 30629.0 then push to 161.80 fib level at 30213.5.
BULL SCENARIO:
Here in the Bull scenario the market moves lower to find support at the long term trend line,the market can break below the LOI but it must not break below the long term trend line once it gets above the LOI at 30903.3 it will have a small exhaustion period which will make it retest the same level that it just broke out of at 30903.3 then push higher to break above the next LOI at 3111.2 and get rejected at price level 31266.5 and push higher until it hits the 127.20 then it will come back to retest the previous level then push higher to hit the 161.80.
Currently when we look at the Us30 we see that its broken out of the short term trend line and then it went to a short term key level at 30903.3 before retesting the trend line at 31112.0.Once the market breaks below the LOI (line of interest) it will touch the medium trend line coloured green then retest the LOI at price level 30903.3.When the market finds rejection at the LOI it will push the market to break below the green coloured trend line, the medium term support line and the 78.60 fib level, when the market reaches around 30629.0 it will go up to retest the 78.60 fib level at 30768.9 then move lower to the 127.20 fib level at 30446.4 then retest price level at 30629.0 then push to 161.80 fib level at 30213.5.
BULL SCENARIO:
Here in the Bull scenario the market moves lower to find support at the long term trend line,the market can break below the LOI but it must not break below the long term trend line once it gets above the LOI at 30903.3 it will have a small exhaustion period which will make it retest the same level that it just broke out of at 30903.3 then push higher to break above the next LOI at 3111.2 and get rejected at price level 31266.5 and push higher until it hits the 127.20 then it will come back to retest the previous level then push higher to hit the 161.80.