Weekend ponderings, page-585

• Watch the 30,330 key medium-term pivotal support and a break above 31,880 may see a further potential up move towards the next resistances at 32,580 and 33,300 in the first step within a corrective rebound structure that may last for 1 to 3 months.
• On the other hand, a break with a 4-hour close below 30,330 invalidates the recovery scenario for a continuation of the drop to retest the major support of 29,650/530.
• Positive elements; the 4-hour RSI oscillator has managed to inch higher above the 50% level which indicates a revival of short-term bullish momentum, the -4.6% decline seen on the price actions of US 30 Index from its 28 June minor swing high has managed to pause at the 61.8% Fibonacci retracement of prior short-term up move from 17 June 2022 low to 28 June 2022 high which increases the odds of the emergence of another short-term up move sequence based on Elliot Wave/fractal analysis.