Price is now sitting on the final line of defence at the 38.2% retracement, which is the same level that saved the uptrend a few weeks ago (yellow).
Multiple closes below this would confirm a break in structure and open a deeper correction, with liquidity magnets sitting at ~$410–$425 and ~$370–$380.
There’s a two-level confirmation setup at $480; the down-sloping trendline + prior support now acting as resistance. A confirmation through here would heighten the possibility this breakdown was just a liquidity sweep rather than a total breakdown.
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