US30 on the weekly timeframe is rejecting the 0.786 fib in confluence with the long term bearish trendline and horizontal weekly supply. On the LTF the strong supply zone is clearly visible as price is clearly showing potential distribution schematic. What i am looking for is price to take out the stops above the high of the previous day and come into retest the zone of confluence which is lining up beautifully with the high of the previous week and potentially forming a right shoulder if price follows my projection - monitoring this one with a close eye ahead of the Inflation data release today at 13:30 GMT.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.