Price previously respected the previous weekly low, (PWL), where marked by the tick. Price has now gone through the PWL, retested it and rejected. Therefore shorting to an area of liquidty (long wick on chart). Assuming price reaches there, we can then assess whether we want to continue the short down to the monthly level indicated below the marked take profit point.
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Disclaimer
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.