Possible Bearish trade May 31st
Updated
a 4hr or a daily candle close below A may indicate a short -
The take profit would be
1- 0.5 of A--> C pattern since the market sentiment seems to be turning bullish at least for the next little bit
2- 0.618 of A-->C pattern as the standard retracement
3- 0.786 of A-->C pattern as the Swing failure pattern of the B as zone of high liquidity for whale trading
4- 1 of A-->C to set a lower low (way less likely unless we see a black swan event, which to be fair have not been that rare recently -_-)
The take profit would be
1- 0.5 of A--> C pattern since the market sentiment seems to be turning bullish at least for the next little bit
2- 0.618 of A-->C pattern as the standard retracement
3- 0.786 of A-->C pattern as the Swing failure pattern of the B as zone of high liquidity for whale trading
4- 1 of A-->C to set a lower low (way less likely unless we see a black swan event, which to be fair have not been that rare recently -_-)
Note
Obvsly this played out beautfully if you could avoid the the early morning fake out which is very common when SPY open in Green just to drop like a hot potato
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